Nevin Adams

Several years back, I was talking with a colleague about the current state of the U.S. economy – and as a comparison point, I pointed to the mid-1980s.“I wasn’t even born then,” she said. At which point I realized that what I considered to be a relevant point of comparison was, to my coworker,... READ MORE

President Trump’s Executive Order has three specific directives – and some specific timetables for action on those directives. The Executive Order begins by stating, “It shall be the policy of the Federal Government to expand access to workplace retirement plans for American workers.” The much-... READ MORE

Most people view automatic enrollment in a 401(k) as a good thing1 – but apparently it has a heretofore unappreciated “dark” side.At least that was the focus of a headline in a recent Wall Street Journal article (subscription required) that asked (and answered) the provocative question: “401(k) or... READ MORE

Scottrade’s attempt to make a federal case of an administrative proceeding filed by Massachusetts alleging violations of internal policies adopted in anticipation of the Labor Department’s fiduciary rule has been rebuffed by a federal judge. Here the plaintiff (the Enforcement Section of the... READ MORE

We now know the terms of an excessive fee lawsuit settlement reported a month ago.In early July, Deutsche Bank Americas Holding Corp. settled claims of a class action brought by Ramon Moreno and Donald O’Halloran, former participants in the Deutsche Bank Matched Savings Plan. The parties informed... READ MORE

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. N.Y. Univ., S.D.N.Y., No. 1:16-cv-06284-KBF, judgment 7/31/18, a suit brought by participants in... READ MORE

Having lost on claims of violating their fiduciary duty of prudence in failing to disclose sales practices that led to a drop in stock value in the firm’s 401(k) plan, plaintiffs got another shot regarding claims that Wells Fargo violated their duty of loyalty to plan participants. The ruling comes... READ MORE

The Small Business Employees Retirement Enhancement Act, introduced July 17 by Sen. Tom Cotton (R-AR), includes provisions regarding multiple employer plans (MEPs), a type of employee benefit plan that can be maintained as a single plan in which two or more unrelated employers participate – a... READ MORE

An excessive fee suit that had alleged “astronomical” fees in a $25 million plan has been dismissed. The suit, filed in 2016 in the U.S. District Court for the Southern District of Ohio against payday lender CheckSmart Financial LLC’s 401(k) plan by plan participant Enrique Bernaola, claims that... READ MORE