Advertisement
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 9/15/2023
Just days after The New York Times reported[i] on the impact of a corporate bankruptcy on 401(k) accounts, litigation has been filed against the plan fiduciaries.
Plaintiffs Paul Harvey and Lela LaPlante (both of whom claim to have lost 10% of their GIA balance) on behalf of the Bed Bath &...
READ MORE
By Nevin E. Adams, JD 9/12/2023
A recent MarketWatch article poses the intriguing question: “Why does TikTok hate the 401(k) so much?”
Now, as social media platforms go, I’ve pretty much avoided TikTok. Oh, I’ve swung by it from time to time just to see what the “fuss” is, but generally speaking (and even in “retirement”), I’ve...
READ MORE
By Nevin E. Adams, JD 9/12/2023
Noting that “a decision in this appeal has the potential to significantly affect Amici’s members, which include plan sponsors and fiduciaries…,” a group of industry trade groups has filed in support of fiduciaries and providers in a federal court.
More specifically, the ERISA Industry Committee (...
READ MORE
By Nevin E. Adams, JD 9/11/2023
A federal judge has held that a participant that wasn’t invested in the funds in question lacked standing to bring suit—and that his claims about excessive recordkeeping fees weren’t specific enough.
The suit—filed less than a year ago in the U.S. District Court for the Middle District of North...
READ MORE
By Nevin E. Adams, JD 9/8/2023
Much is made of the importance of work/life “balance”—so how is it playing out in your practice(s)?
Somewhat problematically, there seems little consensus on exactly what that “should” be—more just a general sense that it might shift from time to time, and that there does, in fact, need to be some...
READ MORE
By Nevin E. Adams, JD 9/8/2023
Well, here we are again at the end of yet another workweek …and yet, there’s no shortage of…well, just look at what happened to these guys and gals…
First, some odds and ends…
While there are some general tips on dealing with a bear encounter (“alert the bear to your presence, get back, stay calm...
READ MORE
By Nevin E. Adams, JD 9/7/2023
Noting that “where ERISA is concerned, nationwide uniformity isn’t just an ideal—it’s an imperative,” AT&T has appealed a recent ruling by the Ninth Circuit Court of Appeals.
In petitioning for a rehearing (Bugielski v. AT&T Servs., Inc., 9th Cir., No. 21-56196, rehearing petition 9/1/23...
READ MORE
By Nevin E. Adams, JD 9/6/2023
Less than a year after being sued for the standard series of alleged missteps, the parties in an excessive fee suit have struck a “deal.”
The plaintiff bringing suit just a year ago (September 2022) was Grace Angelo (she was later joined in the action by Kerstin Thompson as a second class...
READ MORE
By Nevin E. Adams, JD 9/5/2023
It’s hard for me to believe that next week we’ll mark the 22nd anniversary of the 9/11 attacks.
Harder still to comprehend that there are individuals now in the workplace who weren’t even alive on that day, and others so young that they have no memory of it. Other significant dates on the...
READ MORE
By Nevin E. Adams, JD 9/5/2023
A federal magistrate judge—who has been tasked with a number of recommendations regarding dismissals of late—has recommended that an excessive fee suit be dismissed, this one with prejudice.
In outlining the controversy (Genna B. Laabs v. Faith Technologies Inc. et al., case number 1:20-cv-01534,...
READ MORE
By Nevin E. Adams, JD 9/1/2023
Well, here we are again at the end of yet another workweek—and another month…and yet, there’s no shortage of…well, just look at what happened to these guys and gals…
First, some odds and ends…
In Halton, Canada (near Toronto), a pickup truck spilled its cargo here…officers quickly responded…...
READ MORE
By Nevin E. Adams, JD 8/31/2023
A federal magistrate judge has—again—recommended tossing an excessive fee suit against a $4 billion 401(k) plan—this time with prejudice.
While the recommendation still requires the signoff of a district judge, U.S. Magistrate Judge Stephen C. Dries—who considered the case last November and...
READ MORE
By Nevin E. Adams, JD 8/30/2023
While a federal judge found some merit in the arguments alleging that the Labor Department’s compliance assistance release on cryptocurrency had an impact on a recordkeeper’s business, it wasn’t enough to warrant the relief requested.
The History
Back in June 2022, recordkeeper ForUsAll filed...
READ MORE
By Nevin E. Adams, JD 8/29/2023
Pensions were not on my mind in 1974, certainly not on Labor Day of that year.
While I was pondering my new college textbooks (and trying to figure out how I was going to pay for $.55/gallon gasoline), President Gerald R. Ford, less than a month in that role—and, appropriately enough on Labor Day...
READ MORE
By Nevin E. Adams, JD 8/29/2023
In response to a motion to dismiss his suit regarding ESG investments—and ESG-friendly investment managers—in his 401(k), an American Airlines participant has expanded the information in his initial suit—and contradicted the claims of the plan fiduciaries.
Participant-plaintiff (and pilot) Bryan P...
READ MORE
By Nevin E. Adams, JD 8/28/2023
The allegations are familiar, as are the attorneys representing the plaintiffs—but this settlement proposal involves more than just money.
The proposed settlement comes in an action brought by plaintiffs Sarah Gamble, David Covington, Tansy Wilkerson, and Daisy Santiago (represented by Miller Shah...
READ MORE
By Nevin E. Adams, JD 8/25/2023
Well, here we are again at the end of yet another workweek—and yet, there’s no shortage of…well, just look at what happened to these guys and gals…
First, some odds and ends…
You may have missed it, but apparently August 24 is (was?) the day of the year on which Americans are most likely to…call...
READ MORE
By Nevin E. Adams, JD 8/23/2023
Just four years after striking an excessive fee settlement, a fund company has been sued again—and settled again—for allegedly not making the changes to its 401(k) lineup the original settlement contemplated.
The defendants in the case are Allianz Asset Management of America (AAM), and the (new)...
READ MORE
By Nevin E. Adams, JD 8/22/2023
One of my favorite parts of the NAPA 401(k) Summit is a comprehensive annual survey we do of advisors in attendance at the Summit I call the Summit Insider.
It’s a unique opportunity to get the perspective of hundreds of retirement plan-focused advisors in a unique window of time. A chance, if you...
READ MORE
By Nevin E. Adams, JD 8/21/2023
One of the most-anticipated provisions in the SECURE Act was the advent of a new brand of multiple employer plan—now labeled a pooled employer plan, or PEP.
Created by the SECURE Act in 2019 and first approved for use in 2021, a PEP is a type of 401(k) plan that allows unrelated businesses to...
READ MORE
Pages
NAPA's 401(k) Rollover Specialist (k)RS Credential
Recent Comments