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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 1/18/2019
“After protracted litigation, extensive discovery and almost six months of arm’s length negotiations with the assistance of a national mediator,” the details of a university 403(b) excessive fee suit settlement have come to light.The settlement in the case of Clark v. Duke University was announced...
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By Nevin E. Adams, JD 1/18/2019
Seems that the headlines are full of concerns about debt, particularly college debt, and the implications for retirement savings. This week we asked NAPA Net readers what impact, if any, it seems to be having on retirement savings.Nearly two-thirds (62.5%) said the topic was “quite a bit more...
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By Nevin E. Adams, JD 1/18/2019
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 Petersburg, Kentucky, Cody Lutz took advantage of the recent snowstorm to, with the help of his fiancé and soon-to-be sister-in-law, build a snowman… and not just any...
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By Nevin E. Adams, JD 1/16/2019
Putnam Investments, LLC has officially asked the nation’s highest court to weigh in on an issue on which district courts have split 6-4: Who bears the burden of proof when alleging losses due to a fiduciary breach?Indeed, the issue seems ripe for consideration. As Putnam states in its petition to...
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By Nevin E. Adams, JD 1/15/2019
Three years to the day after filing suit, a 401(k) plan participant has dropped his excessive fee suit – with a whimper, not a bang.The suit, originally filed Jan. 14, 2016 in the U.S. District Court for the District of Colorado, was filed by Wahan Krikorian, a participant in the TPS Parking...
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By Nevin E. Adams, JD 1/15/2019
A month ago, when we wrote about the 61st Annual Survey of Profit Sharing and 401(k) Plans from the Plan Sponsor Council of America (PSCA), there were several key points highlighted – but there are some interesting findings you might have overlooked.
Perhaps the most significant finding of that...
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By Nevin E. Adams, JD 1/14/2019
Seems that the headlines are full of concerns about debt, particularly college debt, and the implications for retirement savings – but are you seeing an impact, and how are you responding?According to a OneAmerica survey, nearly 4 in 10 respondents indicated they are paying toward a student loan...
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By Nevin E. Adams, JD 1/11/2019
Advisors – participant investors – and these days, even regulators – appear to be of two minds on environmental, social and governance investing – better known as “ESG.”Indeed, in the inaugural NAPA Summit Insider survey of more than 500 retirement plan advisors, 16% of that group was inclined to...
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By Nevin E. Adams, JD 1/11/2019
If you think you’ve had a bad week (holiday notwithstanding), just remember – it could have been worse. Check out what happened to these guys (and gals)…
In Manitoba, Canada, an unnamed driver was pulled over by the RCMP (“Mounties”) for driving 90 mph… He had a reason for the transgression… and...
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By Nevin E. Adams, JD 1/9/2019
“If a cat were a dog, it could bark. If a retirement plan were not based on long-term investments in annuities, its assets would be more immediately accessed by plan participants. These two truisms can be summarized: cats don’t bark and annuities don’t pay out immediately.” With those words, the...
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By Nevin E. Adams, JD 1/8/2019
After more than a decade of litigation, a federal judge has approved the $6.9 million settlement struck by the parties, including $2.3 million to the plaintiffs’ attorneys.The original lawsuit, filed in 2007, claimed that Citigroup’s 401(k) plan fiduciaries “put Citigroup’s interests ahead of the...
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By Nevin E. Adams, JD 1/8/2019
This is the time of year when resolutions for the cessation of bad behaviors and the beginning of better ones are in vogue. Here are four for plan fiduciaries to keep in mind all year long.
Find your plan document(s) – and read them.
One of the key guiding principles for plan fiduciaries is...
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By Nevin E. Adams, JD 1/7/2019
Having repeatedly come up short, the plaintiffs in an excessive fee case have just come up short – again.The plaintiffs in this case have been at it since February 2016, when they, represented by the St. Louis-based litigation powerhouse Schlichter, Bogard & Denton, first challenged the $19...
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By Nevin E. Adams, JD 1/7/2019
Advisors – participant investors – and these days, even regulators – appear to be of two minds on environmental, social and governance investing – better known as “ESG.” This week, we’d like to know what you think – and what, if anything, you’re recommending.
Research from Cerulli Associates found...
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By Nevin E. Adams, JD 1/4/2019
This week marks not only the end of 2018, but the beginning of a new year. So, in this week’s NAPA Net Reader Poll, it’s your chance to weigh in on New Year’s resolutions past and present.
There are any number of surveys about New Year’s resolutions. A recent one says that (only) about a quarter (...
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By Nevin E. Adams, JD 1/3/2019
As 2018 wound to a close, another provider was sued by another group of participants, not only for the use of certain proprietary funds, but for use of an asset allocation tool they claim exacerbated the problem.
Plaintiffs Jeremy Karg, Matthew R. LaMarche and Shirley Rhodes (individually and as...
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By Nevin E. Adams, JD 1/2/2019
Having lost their case in a recent appellate court decision, plan fiduciaries are now seeking a hearing with the full court.The plaintiffs in this case had alleged that the IBM defendants (IBM itself, along with the Retirement Plans Committee of IBM; Richard Carroll, IBM’s Chief Accounting Officer...
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By Nevin E. Adams, JD 12/31/2018
It is something of a tradition this time of year to look back, to reminisce about past events and lessons learned, and sometimes to look ahead – and who am I to buck that trend? Here’s a look back – and some “things” that I hope will help lay the groundwork for a productive and prosperous 2019 for...
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By Nevin E. Adams, JD 12/31/2018
This week marks not only the end of 2018, but the beginning of a new year. So, in this week’s NAPA Net Reader Poll, it’s your chance to weigh in on New Year’s resolutions past and present.There are any number of surveys about New Year’s resolutions. A recent one says that (only) about a quarter (26...
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By Nevin E. Adams, JD 12/27/2018
A sharp drop in stock price – and allegations of prior knowledge by senior management of misdealings – seem likely to produce additional litigation.The most recent example is a press release by the law firm of Zamansky LLC announcing that the firm has commenced an investigation of Johnson &...
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