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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 5/3/2019
The plaintiffs in an excessive fee case have managed to keep their case alive on appeal – in a case that also has an intriguing dissenting opinion.
The suit was not only one of the first of the university 403(b) excessive fee suits to be filed, the district court decision, in favor of the...
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By Nevin E. Adams, JD 5/2/2019
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 Millbrook, Alabama, Amber Lewis, 33, called police to report a burglary in progress at her home… except, as it turns out, there was no burglar… but you’ll never...
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By Nevin E. Adams, JD 4/30/2019
Plan sponsors often gloss over the reality that they are ERISA fiduciaries – or think that if they have hired an advisor, they’ve basically hired a stand-in for that responsibility. But there’s another mistake that even the most well-intentioned make – with remarkable frequency, based on what I...
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By Nevin E. Adams, JD 4/30/2019
Plan sponsors and service providers already take seriously their responsibilities to protect participant data, but where are the lines of responsibilities and accountability in the event of a breach?
That was the focus of a workshop at the Plan Sponsor Council of America’s 2019 National Conference...
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By Nevin E. Adams, JD 4/29/2019
The Labor Department isn’t letting its Association Health Plan rule go down without a fight.
On Friday, the Labor Department filed notice that it intends to appeal a March ruling by U.S. District Judge John Bates to the United States Court of Appeals for the District of Columbia.
A month ago...
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By Nevin E. Adams, JD 4/29/2019
A reader notes, “the MEP topic at the NAPA 401(k) Summit sparked some interesting discussion among advisors during the peer session” – and wonders if advisors see their emergence as a threat to your business. Well, do you?
MEPs, or multiple employer plans – more specifically “open” MEPs – have...
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By Nevin E. Adams, JD 4/29/2019
A federal court has weighed in on a new lawsuit alleging mismanagement of a 401(k) plan – and the role of the plan advisor regarding target-date fund recommendations.
In another case where the plaintiffs are represented by Schlichter Bogard & Denton LLP, Judge William J. Martinez in the U.S....
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By Nevin E. Adams, JD 4/25/2019
While it’s unlikely to be “two for the price of one,” with a trial date looming, the parties in an excessive fee suit have come to terms – on two separate cases.
Safeway Inc. has settled two proposed class actions regarding its 401(k) plan just two weeks before the trial date. In one, Safeway and...
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By Nevin E. Adams, JD 4/25/2019
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 Oxford, Iowa, Timothy Hora has been charged with five counts of arson and public intoxication… following a month-long arson investigation… which determined that...
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By Nevin E. Adams, JD 4/25/2019
A new survey finds a massive shift in sentiment toward retirement income solutions. But among NAPA-Net readers, has that trend piqued interest – or just peaked?
The survey – of the “largest and mid-sized 401(k) consultants and advisors” – was reported by fixed income money manager PIMCO. It claims...
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By Nevin E. Adams, JD 4/23/2019
It’s said that change is good – and, according to new research, that also applies to 401(k) investment menus.
A new report from Morningstar Research finds “evidence that fund replacements provide significantly higher risk-adjusted returns than the funds that were replaced,” going on to state that...
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By Nevin E. Adams, JD 4/23/2019
In a major victory for the advocacy efforts of the American Retirement Association, new rules under the IRS’ Employee Plans Compliance Resolution System (EPCRS) will make it easier – and less costly – to fix certain operational issues without the need for an IRS filing or payment of a user fee. ...
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By Nevin E. Adams, JD 4/23/2019
Over the past decade and change, there have been a number of high-profile excessive fee suits brought against retirement plan fiduciaries, notably the plan committees that oversee these programs. Here’s what your plan committee members should know.
1. Why they are a member of the committee.
Today...
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By Nevin E. Adams, JD 4/23/2019
After extensive litigation, lengthy discovery, and protracted arm’s-length negotiations with the assistance of a national mediator, the parties in an excessive fee suit have announced the terms of their settlement agreement – and once again, it's about more than lost money.
Specifically,...
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By Nevin E. Adams, JD 4/22/2019
The nation’s highest court just took a step towards considering review of a case with significant implications for the burden of proof in ERISA lawsuits.
The suit, Brotherston v. Putnam Investments, LLC, was filed in 2017 by participants in the Putnam Investments plan who alleged that the...
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By Nevin E. Adams, JD 4/21/2019
A new excessive fee suit claims plan fiduciaries “larded the plan with excessively expensive sub-advised accounts to the exclusion of superior alternatives” – and “negligently prepared and/or intentionally misstated their Form 5500s.”
In this case it was Ramon Diaz, a former participant in the...
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By Nevin E. Adams, JD 4/21/2019
A new survey finds a massive shift in sentiment toward retirement income solutions – this week, we’d like to know if you’re seeing that.
The survey – of the “largest and mid-sized 401(k) consultants and advisors” – was reported by fixed income money manager PIMCO – and it claims that “nearly two-...
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By Nevin E. Adams, JD 4/18/2019
An investment advisor – enjoined in an excessive fee suit after discovery revealed their role – will have to defend its actions in court.
The advisor in this case is AON Hewitt Investment Consulting, Inc., and the excessive fee suit involves Safeway and its recordkeeper (now Empower, by way of...
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By Nevin E. Adams, JD 4/18/2019
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 Des Moines, Iowa, Debra Ann Sly, 56, reported to the Polk County Jail recently… because a warrant had been issued for her arrest… after she failed to appear for a...
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By Nevin E. Adams, JD 4/18/2019
Many of us in the retirement plan space didn’t plan to be here – and that’s often the case for plan sponsors as well. So, how do they get trained – or do they?
On a personal level, most of this week’s respondents (55%) pursued a number of tracks in their own education, though most of those (63%)...
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