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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 7/11/2019
An ERISA excessive fee class action settlement has been challenged by a self-described “pure public-interest non-attorney litigant.”
The settlement in question isn’t particularly large by excessive fee suit standards; $3.175 million[1] and some releases contained in the settlement agreement (a non...
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By Nevin E. Adams, JD 7/9/2019
There have been many different solutions put forth over the years to remedy the nation’s retirement ills, but regardless of your perception of the coming crisis (including those who believe such notions are overblown), there is a constant in every estimation of our retirement future.[1]
Yes, I’m...
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By Nevin E. Adams, JD 7/8/2019
Baseball season is in full swing (get it?) – in fact, this week, the 90th Major League Baseball All-Star game will be played. A reader has asked for some help in identifying the best movie about the national pastime – so, batter(s) up!
It will be the sixth time that the Cleveland Indians have...
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By Nevin E. Adams, JD 7/8/2019
Having been named in at least three separate suits regarding its FundsNetwork platform structure, Fidelity has filed a response.
The suits have been brought by participants in various 401(k) plans served by Fidelity (including the Publicis Benefits Connection 401(k) Retirement Savings Plan, the...
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By Nevin E. Adams, JD 7/8/2019
More than 1,500 advisors have already cast their vote – so, who’s in the lead?
Only plan advisors know how important their local DC wholesaler can be in growing, building and managing their practice. Here’s your chance to tell them how much you appreciate their efforts.
We call them “Wingmen”...
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By Nevin E. Adams, JD 7/5/2019
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 Ballwin, Missouri, an unnamed woman was riding in her car… with a TV in the front passenger seat… when she made a turn… leading to the TV rolling from the seat… onto...
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By Nevin E. Adams, JD 7/2/2019
This week we’ll commemorate Independence Day – but with all of freedom’s lessons, there are certain things that plan committees (still) have in common with the Second Continental Congress.
Certainly anyone who has ever found their grand idea shackled to the deliberations of a committee, or who has...
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By Nevin E. Adams, JD 7/1/2019
The U.S. Supreme Court has agreed to take on yet another ERISA case this term.
This case – Thole v. U.S. Bank, N.A., U.S., No. 17-1712, certiorari granted 6/28/19 – involves a suit by participants in U.S. Bank’s pension plan who, after the plan fiduciaries alleged mismanagement resulted in $750...
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By Nevin E. Adams, JD 6/27/2019
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 Madison, Alabama, William Alexander Eckstein, 21, had three friends visiting the home he shared with his parents one recent Friday night… At some point William was...
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By Nevin E. Adams, JD 6/27/2019
As the end of the second quarter approaches, a reader asked: “How many advisors use webcast platforms for some or all of the quarterly Committee meetings – and how are those received?”
As NAPA-Net readers know, there are few things more valuable in your day than time – and so-called “virtual”...
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By Nevin E. Adams, JD 6/26/2019
Only plan advisors know how important their local DC wholesaler can be in growing, building and managing their practice. Here’s your chance to tell them how much you appreciate their efforts.
We call them “Wingmen” because if they are doing their job, they have your back. And only you know which...
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By Nevin E. Adams, JD 6/25/2019
Our industry has long disparaged the apparent “overindulgence”1 of participants in the stock of their employer as a retirement investment. However, for plan fiduciaries – and those who advise them – there may be a more pressing concern.
Anyone who has been paying attention to 401(k) plan...
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By Nevin E. Adams, JD 6/25/2019
A (relatively) small plan has settled claims that fiduciaries had “imprudently incorporating funds on its menu that were excessively expensive.”
The defendant plan in question is the (relatively small) $96.5 million 401(k) plan of Gucci America Inc. – and the settlement is for (the not-so-...
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By Nevin E. Adams, JD 6/24/2019
As the end of the second quarter approaches, a reader asked, “How many advisors use webcast platforms for some or all of the quarterly Committee meetings – and how are those received?”
As NAPA-Net readers know, there are few things more valuable in your day than time – and so-called “virtual”...
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By Nevin E. Adams, JD 6/24/2019
A participant-plaintiff’s appeal of a judgement denying his claims of a fiduciary breach by his employer has come up short.
This suit was brought by plaintiff Alexander Usenko, a former employee of SunEdison Semiconductor, LLC, which was once a wholly owned subsidiary of SunEdison, Inc. On April...
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By Nevin E. Adams, JD 6/21/2019
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 Bossier, Louisiana, Franklin Welzbacher, 43, strolled over to his neighbor’s garage…and made off with a few items…including a surveillance camera…a live streaming...
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By Nevin E. Adams, JD 6/21/2019
The Securities and Exchange Commission (SEC) has, of course, finally published a new version of Regulation Best Interest, the new Customer Relationship Summary, and more. What do NAPA-Net readers think?
Well, most haven’t really had a chance to get into it; a plurality (45%) said they had started...
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By Nevin E. Adams, JD 6/20/2019
A plan sponsor fiduciary won their case in court, refuting allegations that they should have removed a fund from the plan’s investment menu.
The plaintiff in this case was one Marc J. Muri, an employee of National Indemnity, an insurance provider located in Omaha, Nebraska, and a participant in...
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By Nevin E. Adams, JD 6/18/2019
Plaintiffs Melissa Velazquez and Frances Fuentes-Noriega have submitted the terms of a proposed settlement with the court.
The parties had announced having come to terms last month – just days before the case was set to go to trial. The original class action suit, filed nearly two years ago,...
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By Nevin E. Adams, JD 6/18/2019
A recent headline screamed that 401(k) savings rates have “stagnated” – but that’s missing the point.
“Stagnated” in this case apparently means that the average savings rate in 2018 — both employee and employer contributions — was 10.6%, roughly the same as the 10.4% rate reported in the survey in...
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