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Portal Conductor, Columnist: Nevin E. Adams, JD
Nevin is the former Chief Content Officer and Head of Retirement Research for the American Retirement Association. One of the retirement industry’s most prolific writers, these days he’s “retired,” which means he writes less, but continues to keep his eye on developments in, and threats to, the nation’s private retirement system.
In addition to helping guide the agenda development for the NAPA 401(k) Summit, he’s also the “Nevin” in the Nevin & Fred podcast (along with renowned ERISA attorney Fred Reish), offering irreverent, but relevant perspectives on the critical issues confronting plan sponsors, advisors, and retirement industry professionals.
Article Index
By Nevin E. Adams, JD 1/31/2020
If you think you’ve had a bad week, just remember – it could have been worse. Check out what happened to these guys (and gals)…
In Mahwah, New Jersey, John Roth had so much to drink at an office party (held at a co-worker’s house) that he took off his pants and passed out in her bed… but,...
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By Nevin E. Adams, JD 1/31/2020
Well, if the score of Sunday’s game is as lopsided as this week’s reader poll, it won’t be much of a game.
Of course, who readers are rooting for isn’t necessarily a driving factor in the outcome. That said, a massive 61% are cheering for the Chiefs (another 1% were pulling for the team that...
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By Nevin E. Adams, JD 1/31/2020
The firm that created the current generation of excessive fee suits, and that branched that focus into university 403(b) plans, has grafted concepts of both into a fresh cause of action – and put recordkeepers – and their use of participant data – in their crosshairs.
The St. Louis-based law firm...
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By Nevin E. Adams, JD 1/30/2020
A federal judge has ruled on the attorneys’ fees requested by Schlichter Bogard & Denton in a 403(b) university excessive fee suit.
In what he described as a “highly complex case with numerous issues that were vigorously contested,” Judge George Levi Russell III of the U.S. District Court for...
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By Nevin E. Adams, JD 1/29/2020
If you’re an advisor focused on the retirement plan space (and why else would you be reading this?), come April 26-28, you’re going to be at the 2020 NAPA 401(k) Summit.
It’s been widely referred to as “the nation’s retirement plan advisor convention” – and little wonder. It has become the largest...
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By Nevin E. Adams, JD 1/29/2020
A large money manager and recordkeeper is pushing back on allegations of self-dealing with regard to the investments and administration of its own 401(k) plan.
This time it’s Prudential’s $8 billion plan (and approximately 45,000 participants as of 2018) who were sued last November by former...
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By Nevin E. Adams, JD 1/28/2020
Will your portfolio be fortified by a 49ers win – or get chipped by the Chiefs?
That’s what adherents of the so-called Super Bowl Theory would likely conclude. The Super Bowl Theory holds that when a team from the old National Football League wins the Super Bowl, the S&P 500 will rise, and...
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By Nevin E. Adams, JD 1/27/2020
Although fans of the Titans and Texans (not to mention the Patriots, Packers, Bills, Vikings, Ravens, Saints, Seahawks, and Eagles) are surely disappointed, we now know who’ll be meeting in Super Bowl 54 – so, who will you be rooting for? And which team do you think will walk away with the Lombardi...
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By Nevin E. Adams, JD 1/24/2020
Think the last multibillion-dollar 401(k) plan had been sued? Guess again.
The latest to find itself served with a suit is health technology firm Cerner Corp., whose $2 billion plan has been accused of the assortment of fiduciary miscues typical of this case genre. Specifically, four participant-...
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By Nevin E. Adams, JD 1/24/2020
If you think you’ve had a bad week, just remember – it could have been worse. Check out what happened to these guys (and gals)…
In Brooklyn, New York, Floyd Hayes recently obtained a registration letter for an unusual emotional support animal… that he claims helps him manage his social anxiety...
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By Nevin E. Adams, JD 1/24/2020
We’ve developed a handy way to share the key SECURE Act changes with your plan sponsor clients.
The most significant piece of retirement plan legislation in more than a decade was signed into law by President Trump on Dec. 20, 2019. The Setting Every Community Up for Retirement Enhancement (SECURE...
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By Nevin E. Adams, JD 1/23/2020
A new excessive fee suit makes some of the same claims, but relies on different arguments, turning not only to government filings, but also making very precise arguments about plan expenses and portfolio diversification.
This most recent suit (Fleming v. Rollins, Inc., N.D. Ga., No. 1:19-cv-05732...
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By Nevin E. Adams, JD 1/23/2020
Yesterday we opened the applications for our Top DC Advisor Teams – individual teams. Today we expand that call to a firm-wide level.
In order to be considered for inclusion in this list, you’ll need to complete our application form no later than Feb. 10. The application form can be found below:...
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By Nevin E. Adams, JD 1/21/2020
Are employers necessary for a successful retirement system? A new proposal suggests that their role be “jettisoned.”
Not one to simply “bash” the 401(k), and to his credit, Morningstar’s John Rekenthaler, who recently opined that the 401(k) had outlived its usefulness,[i] now offers an alternative...
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By Nevin E. Adams, JD 1/21/2020
Since their inception, NAPA’s various industry lists have been a valuable Who’s Who of who matters in the world of retirement plans and retirement plan advisors. Today we launch the third annual list of NAPA Top DC Advisor Teams.
The NAPA Top DC Advisor Team list highlights the nation’s leading...
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By Nevin E. Adams, JD 1/17/2020
If you think you’ve had a bad week, just remember – it could have been worse. Check out what happened to these guys (and gals)…
In Stamford, Connecticut, Justin Labaire, 44, was driving his Subaru Forester here… under the influence… but law enforcement didn’t have to go far to find that out…
In ...
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By Nevin E. Adams, JD 1/17/2020
Surveys of small business owners have consistently shown cost to be a significant impediment to the adoption of a retirement plan for employees, and the SECURE Act includes a massive increase in a tax credit for start-ups. We asked NAPA-Net readers how much impact that might have.
Well, first off...
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By Nevin E. Adams, JD 1/16/2020
The well-known and highly regarded ERISA attorney could be making a move.
OK, now that I persuaded you to read this far, Clark has been appointed as the Wagner Law Group’s Chief Operating Officer. In his new role as the firm’s COO, a position that was created “to complement our firm's steady...
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By Nevin E. Adams, JD 1/15/2020
Those who had hoped for some clarity – or perhaps a shift – in the standards involving where, and how, to draw the line between the obligations of corporate officials and ERISA plan fiduciaries – will have to wait a little longer.
It’s an issue that the U.S. Supreme Court had taken on when agreed...
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By Nevin E. Adams, JD 1/15/2020
The terms of an excessive fee settlement announced last fall – 14 minutes before the case was scheduled to go to trial – have now come to light.
While the initial complaint in this case was filed on Sept. 9, 2016, the settlement notes that the plaintiffs’ counsel’s involvement dates back to “long...
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