Nevin Adams

How Gen Z's Retirement Will Be Different

By Nevin Adams 9/9/2019

Those “kids” who were just dropped off at college for the first time? By their sophomore year, their generation will constitute one-quarter of the U.S. population. How will their retirement be different? That’s according to the authors of the so-called Mindset List – now housed at Marist College, ... READ MORE

Former RK Employee Sentenced in Escheatment Scheme

By Nevin Adams 8/28/2019

A former recordkeeper employee has been sentenced to four years in prison for stealing funds from dormant participant accounts. United States Attorney William M. McSwain has announced that Scott Capps, 48, of Coatesville, PA was sentenced to 48 months’ incarceration, three years’ supervised... READ MORE

A Hallmark Holiday?

By Nevin Adams 8/28/2019

I don’t know about you, but I’ve always had a certain ambivalence about what are generally termed “Hallmark holidays.” You know the ones I’m talking about – the ones that seem crafted for the sole purpose of generating sales for greeting card sellers. Of course, after a while you no longer... READ MORE

6 Things That People Get Wrong About Retirement

By Nevin Adams 8/23/2019

Retirement planning can be a complicated process – and surveys suggest that most workers haven’t even attempted a guess. But even those who have can overlook some pretty significant factors that can have a dramatic impact on retirement readiness. Here are some critical factors that are easy to get... READ MORE

Electronic Disclosure Proposal Lands at OMB

By Nevin Adams 8/21/2019

Right on schedule, the Department of Labor (DOL) has sent a proposed rule for electronic disclosures to retirement plan participants to the White House’s Office of Management and Budget. The proposal, “Improving Effectiveness of and Reducing the Cost of Furnishing Required Notices and Disclosures... READ MORE

A Change in Providers

By Nevin Adams 8/16/2019

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

Plan Sponsors Are From...Mars?

By Nevin Adams 8/12/2019

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

Schlichter Says Retirement Savings 'Squandered' in Quid Pro Quo

By Nevin Adams 8/8/2019

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

Feds May Weigh in on CalSavers Suit

By Nevin Adams 8/6/2019

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

Half a Chance

By Nevin Adams 8/1/2019

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

DOL Unveils Final Rule on Association Retirement Plans

By Nevin Adams 7/29/2019

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

Taxpayer Rights Group Reengages CalSavers Challenge

By Nevin Adams 7/29/2019

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

How Much (Should) a Committee Member Know?

By Nevin Adams 7/28/2019

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

Senate, House Move on Multiemployer Plan 'Crisis' – But Not Together

By Nevin Adams 7/25/2019

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

Is Fiduciary Responsibility Retroactive?

By Nevin Adams 7/22/2019

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

A Giant Leap for Mankind

By Nevin Adams 7/22/2019

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

Trump Taps Scalia as Labor Secretary

By Nevin Adams 7/19/2019

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

Fidelity Fights Back on FundsNetwork Fiduciary Suit

By Nevin Adams 7/10/2019

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

5 Fiduciary Fundamentals: A Founding Fathers Perspective

By Nevin Adams 7/8/2019

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

Special Treatment

By Nevin Adams 7/1/2019

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

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