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Nevin Adams

We really hadn’t been focused on making a change, though the subject had come up from time to time.  In fact, considering how long we had been thinking about making a change without actually doing anything about it, the change itself felt almost accidental in its suddenness. So sudden, in fact,... READ MORE
Do plan sponsors really know what participants want?  Back in the early 1990s, there was a very popular “self-help” book on relationships titled “Men Are From Mars, Women Are From Venus.” The basic premise, of course, was that men and women have different means and styles of communication – that,... READ MORE
Sir Isaac Newton’s Third Law of Physics says that, “for every action there is an equal and opposite reaction.” That also apparently applies to ERISA litigation. On August 5, the law firm of Schlichter Bogard & Denton, LLP filed papers opposing a motion by fiduciary defendants of the MIT... READ MORE
The Department of Justice has asked a federal court to hold off ruling on a suit challenging California’s auto-IRA program for private sector workers. The suit in question is a challenge by the Howard Jarvis Taxpayers Association, claiming that the California Secure Choice Retirement Savings Trust... READ MORE
I’ve never played the lottery. But there are days… I tell myself it’s because I know how remote the odds are, that the rules are too complicated, that they “feed” on the aspirations of people who should be spending their money on “better” things – and even that I don’t have enough “lucky” numbers... READ MORE
The Department of Labor announced a final rule today that expands the availability of some multiple employer plans (MEPs) – and an RFI that seeks more information on “open” MEPs.  Acknowledging that Association Retirement Plans (ARPs) and MEPs exist now, the Labor Department notes that in addition... READ MORE
A court challenge to California’s CalSavers program has reemerged, claiming the state-run mandatory auto IRA program for private sector workers poses a significant financial risk to taxpayers. The filing (titled somewhat unwieldly, “Plaintiffs’ opposition to Defendants’ motion to dismiss first... READ MORE
A recent federal court decision should remind us all of the importance of plan committee education. The case involved a suit by participants in the SunTrust 401(k) plan that challenged the initial selection of, and subsequent acquiescence with, an ostensibly imprudent plan investment menu. The... READ MORE
A bill to provide some relief for the struggling multiemployer pension system has been reintroduced in the U.S. Senate – even as the House of Representatives passed comparable legislation. Last night the House passed the Rehabilitation for Multiemployer Pensions Act (H.R. 397) in a 264-169 vote (... READ MORE
A federal judge has weighed in on a question relevant to new plan committee fiduciaries: When and how does their liability for the decisions of previous committee members begin? This case (Fuller v. SunTrust Banks, Inc., N.D. Ga., No. 1:11-cv-00784-ODE, 7/16/19) arises out of a suit brought by... READ MORE
While I am sure there was a period in my youth when I wanted to be a fireman, a cowboy, or maybe even a professional athlete, my earliest memories are of wanting to be an astronaut.  Never mind that my odds of becoming a professional athlete were, even then, considerably better than those of... READ MORE
While there’s likely a rocky confirmation road ahead, President Trump has announced (via tweet) his choice as the next Secretary of Labor. “I am pleased to announce that it is my intention to nominate Gene Scalia as the new Secretary of Labor,” Trump tweeted Thursday evening. “Gene has led a life... READ MORE
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... READ MORE
We've just commemorated 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 had... READ MORE
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... READ MORE
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... READ MORE
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... READ MORE
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 Marc J. Muri, an employee of National Indemnity, an insurance provider located in Omaha, Nebraska, and a participant in... READ MORE
An excessive fee suit has been granted class action status in federal court. This time it’s a group of former participants in the JPMorgan Chase 401(k) Savings Plan, a plan that has approximately 266,000 to 300,000 participants and more than $14 billion in assets. Suit ‘Case’ In considering the... READ MORE
The headline in a recent New York Times piece cautions that “Confusing Options May Be Coming to Your 401(k). It Could Cost You.”   Those “confusing options”? Retirement income. And, ironically, they might undermine support for the most significant piece of pro-retirement legislation in a decade... READ MORE