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Portal Conductor, Columnist: Nevin E. Adams, JD
Nevin is the American Retirement Association’s Chief Content Officer and serves as Editor in Chief of NAPA Net and NAPA Net the Magazine.
Previously he was the Employee Benefits Research Institute’s Director of Education and External Relations, Co-Director of EBRI’s Center for Research on Retirement Income and Director of the American Savings Education Council.
Nevin spent a dozen years as Global Editor-in-Chief of PLANSPONSOR magazine and PLANSPONSOR.com, as well as the PLANADVISER Europe and PLANSPONSOR Europe magazines. He was the creator, writer and publisher of PLANSPONSOR.com’s NewsDash, and was instrumental in launching the publication’s popular and distinctive conference series.
He also worked at Northern Trust in Chicago in a variety of management roles, culminating in the development of a proprietary recordkeeping platform, and at Wachovia Bank, leading their defined contribution/recordkeeping businesses.
He has been honored three times by the National Association of Government Defined Contribution Administrators (NAGDCA) with their Media Recognition Award (in 2002, 2004 and 2013), and was listed as one of the Most Influential People in Defined Contribution by the 401kWire for five consecutive years.
Article Index
By Nevin E. Adams, JD 6/2/2023
Well, here we are again at the end of yet another workweek—and yet, just look at what happened to these guys and gals…
First, some odds and ends…
In Fort Meade, Maryland, a new Zillow listing for a property for $42,069, but cautioned that “all 15 bathrooms come with sewage issues," the listing...
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By Nevin E. Adams, JD 6/2/2023
A suit that claimed a $7.3 billion plan “stocked the Plan’s investment menu with their own proprietary index funds”—while “participants got the short end of the stick” is now seeking class action status.
The plaintiffs in this case (Kohari et al. v. MetLife Group Inc. et al., case number 1:21-cv-...
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By Nevin E. Adams, JD 5/30/2023
I hadn’t been to the dentist in a long time. A VERY long time.
Two weeks ago, and at the encouragement of my wife, I finally went back to the dentist. I hadn’t been since COVID, and that period provided a very good excuse for avoiding that visit. Turns out, I hadn’t been for quite a while before...
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By Nevin E. Adams, JD 5/30/2023
A 401(k) excessive fee suit has been given a green light to proceed to trial—relying almost exclusively on the assertions of those bringing suit to establish a “plausible” case for doing so.
This suit was brought last October against plan fiduciaries on behalf of the $432 million (14,400...
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By Nevin E. Adams, JD 5/26/2023
Well, here we are again at the end of yet another workweek—and yet, just look at what happened to these guys and gals…
First, some odds and ends…
In Corbin, Kentucky, Michael Schlemmer, was driving on fumes…coasted into a Convenient Food Mart here… with $40 in his pocket…bought $20 worth of gas…...
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By Nevin E. Adams, JD 5/24/2023
The parties in a two-year old 403(b) excessive fee suit against a $2.3 billion plan have come to terms.
The suit (Garnick v. Wake Forest Univ. Baptist Med. Ctr., M.D.N.C., No. 1:21-cv-00454, complaint 6/4/21) was filed in June 2021 in the U.S. District Court for the Middle District of North...
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By Nevin E. Adams, JD 5/23/2023
When you see a headline that confirms your sense of the world, you’re naturally predisposed to embrace, remember (and these days “share”) it as a validation of what you already perceive reality to be.
Indeed, as human beings, we’re drawn to perspectives, surveys, and studies that validate our...
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By Nevin E. Adams, JD 5/23/2023
A federal judge has approved the recommendation to certify a class in a proprietary fund suit—determining that even a “well-educated, well-informed, and careful investor”—might lack actual knowledge of fiduciary breaches.
The Suit
The participant-plaintiff in question here is one Brian Waldner,...
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By Nevin E. Adams, JD 5/22/2023
An excessive fee suit has moved past a motion to dismiss—apparently because of a slight shift in its arguments about recordkeeping services.
This suit was filed by participant-plaintiff Michael Mazza, a former participant (and senior director of marketing) in the $879 million, 10,205 participant...
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By Nevin E. Adams, JD 5/19/2023
Well, here we are again at the end of yet another workweek—and yet, just look at what happened to these guys and gals…
First, some odds and ends…
In Columbus, Ohio, Harry Blackledge, 53, was recently inducted into the hall of fame. No, not THAT hall of fame. This one.
On Treasure Island,...
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By Nevin E. Adams, JD 5/17/2023
Plaintiffs in two of the fiduciary breach suits involving plans that held the BlackRock Lifepath target-date funds have…folded.
More specifically, the plaintiffs in cases involving Booz Allen Hamilton and Capital One – that had just last month filed notice of their intent to appeal dismissal of...
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By Nevin E. Adams, JD 5/16/2023
This is the time of year when the nation’s graduates line up for accolades (and their diplomas). It is, for them, a beginning—a commencement of a new phase in their life.
But ahead of that, most are given the “opportunity” to hear some words of wisdom and inspiration from an individual that they...
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By Nevin E. Adams, JD 5/15/2023
Citing an “unlawful decision to elevate unrelated policy goals over the financial health of the Plans,” a new participant suit has charged three New York plans with jeopardizing the retirement security of plan participants.
More specifically, the suit (Wayne Wong v. NYCERS, TRS and BERS) targets...
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By Nevin E. Adams, JD 5/12/2023
Well, here we are again at the end of yet another workweek – and yet, just look at what happened to these guys and gals…
First, some odds and ends…
So, what’s a Zillennial?
In Tokyo, Japan, as concerns about the COVID-19 pandemic fade, people are lining up to take lessons in…what?
Fans of...
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By Nevin E. Adams, JD 5/12/2023
You might think that all the multi-billion plans in America had been sued – and you’d be wrong.
This time the target is the University of Vermont Medical Center – more specifically the practices alleged regarding its $1.76 billion 403(b) retirement plan. The suit was filed by participant-plaintiff...
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By Nevin E. Adams, JD 5/11/2023
The terms of a quickly settled excessive fee suit involving a 403(b) plan have come to light.
The plan fiduciaries here are Springfield, Massachusetts-based Baystate Health Inc. – and they were sued just last Nov. 17 by participant-plaintiffs Michael Chechile and Sonia Lopez (who were represented...
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By Nevin E. Adams, JD 5/9/2023
Resistance to retirement plan innovations (like automatic enrollment) have long been excused as being “too paternalistic” – but there might be a better standard.
We’ve all heard it – concerns that imposing certain default choices on participants (and sometimes plan sponsors) are, however well-...
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By Nevin E. Adams, JD 5/9/2023
An excessive fee suit where plan fiduciaries had prevailed on most issues – has now settled the remaining claims.
The suit – filed in mid-2020 by seven former employees of Schneider Electric Holdings, Inc. – had targeted Schneider Electric, the two committees that oversee the $4.5 billion plan,...
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By Nevin E. Adams, JD 5/5/2023
Well, here we are again at the end of yet another workweek – and yet, just look at what happened to these guys and gals…
First, some odds and ends…
In Northampton, Massachusetts, city officials have given a $20,000 grant to the Northampton Vibrance Committee…to support the design and manufacture...
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By Nevin E. Adams, JD 5/2/2023
Last week the nation’s longest-running gauge of the nation’s retirement confidence painted a bleak, but understandable read on that measure.
Indeed, in the midst of a volatile (though recently recovering market) and (still) stubborn inflationary impacts[i] (not to mention the near certainty that,...
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