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Fiduciary Governance

BY Nevin E. Adams, JD | 5/21/2019
I was late to the Game of Thrones – and though its final season seems a bit “rushed” – there has been plenty to not only watch, but mull over in its eight-season run. And yet, as the series wound to... Read More
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... Read More
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.... Read More
BY NAPA Net Staff | 3/21/2019
Now there’s a whole new reason to focus on things fiduciary. That’s right, March 21 – 3(21), get it? – has been declared Fiduciary Awareness DayTM, and if you haven’t heard about it yet, it’s... Read More
BY Nevin E. Adams, JD | 3/13/2019
“After vigorous advocacy and negotiation,” the parties in a 403(b) university excessive fee suit have come to terms. The settlement – stuck between participant-plaintiffs Diane G. Short, Judith... Read More
BY Nevin E. Adams, JD | 3/11/2019
“An exceptionally careful and well-informed” process has helped a plan fiduciary get most of the claims in an excessive fee suit dismissed before trial. The suit, filed in January 2016 in the... Read More
BY Nevin E. Adams, JD | 2/11/2019
The proposed settlement in a university 403(b) excessive fee case has received preliminary approval from a federal judge. Last month Judge Catherine C. Eagles of the U.S. District Court for the... Read More
BY Ted Godbout | 1/31/2019
Given the increasing influence that digital design can have on retirement savings decisions, plan sponsors and advisors may want to assess their “digital fiduciary” role, writes behavioral scientist... Read More
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... Read More
BY NAPA Net Staff | 12/28/2018
“Best Interest” has become part of the American lexicon... as an aspirational goal or a demanding standard — depending on the point of view. But, what does best interest mean?In a recent blog post,... Read More
BY Nevin E. Adams, JD | 12/17/2018
The participant-plaintiffs in a stock drop case have won a rare victory in federal court.The plaintiffs alleged that the IBM defendants (IBM itself, along with the Retirement Plans Committee of IBM;... Read More
BY Ted Godbout | 11/14/2018
While much of the focus on fiduciary outsourcing centers on transferring full or limited investment discretion under ERISA section 3(38) or section 3(21), plan advisors’ understanding of the ins and... Read More
BY Nevin E. Adams, JD | 10/30/2018
Halloween is the time of year when one’s thoughts turn to trick-or-treat, ghosts and goblins, and things that go bump in the night. But what are the things that keep – or should keep – plan... Read More
BY Ted Godbout | 10/19/2018
The federal government’s updated unified regulatory agenda has shed light on the status of the Securities and Exchange Commission’s and Department of Labor’s efforts on investment advice and the now-... Read More
BY John Iekel | 10/16/2018
In his most recent blog post about best practices, ERISA attorney Fred Reish explores retirement income projections as a way to better serve plan participants.Reish explains why he includes... Read More
BY Ted Godbout | 10/12/2018
The Securities and Exchange Commission has announced a new four-year strategic plan with a distinctive focus on Main Street – and an acknowledgement that the line between investment advice and... Read More
BY John Iekel | 8/28/2018
It is not unusual to delegate or even outsource functions investment committees commonly perform. But taking that step doesn’t mean washing the hands of all involvement with governance. A recent blog... Read More
BY Nevin E. Adams, JD | 8/7/2018
The judge in a recent excessive fee case decision had a lot to say – about the plan committee members – and the expert witnesses called to testify.I’m talking about the recent decision in Sacerdote v... Read More
BY Nevin E. Adams, JD | 7/31/2018
Delegates to last week’s NAPA DC Fly-In Forum had a lot to learn and say about a wide array of topics – but multiple employer plans (MEPs) dominated the discussion.The reason, as has been noted in... Read More
BY Nevin E. Adams, JD | 7/12/2018
The parties in an excessive fee suit involving proprietary funds have come to terms – the day before they were slated to go to trial.Deutsche Bank Americas Holding Corp. has settled claims of a class... Read More
BY Ted Godbout | 7/11/2018
In addition to being an administrative headache, the inability to locate terminated participants of qualified retirement plans can result in heightened legal risks, a recent blog post reminds readers... Read More
BY Nevin E. Adams, JD | 7/11/2018
A second attempt to invoke an arbitration clause in an excessive fee suit has been rejected.The suit had been filed on behalf of Michael Dorman, a former Charles Schwab employee, who alleged that... Read More
BY Nevin E. Adams, JD | 7/10/2018
The SEC’s proposed Regulation Best Interest (“Reg BI”) for broker-dealers and the Interpretation Regarding Standard of Conduct for Investment Advisers both have a best interest standard of care -... Read More
BY Nevin E. Adams, JD | 7/3/2018
As we prepare to celebrate the Declaration that marks the birth of this nation, it seems a good time to reflect on some lessons from that experience that hold true even today.Inertia is a powerful... Read More
BY NAPA Net Staff | 6/14/2018
Thinking outside the box can result in plan features that offer flexibility, liquidity and portability. But a recently released white paper suggests that it is important to be mindful of fiduciary... Read More