Nevin Adams

Stable Value Snub Draws Excessive Fee Suit

By Nevin Adams 5/15/2018

The law firm of Schlichter, Bogard & Denton, LLP, has targeted another 401(k) plan for breach of its fiduciary duties — and their claims include that the lack of a stable value fund cost plan participants $41 million.The most recent suit was filed on behalf of Todd Ramsey, Frederick Butler,... READ MORE

Means ‘Tested’

By Nevin Adams 5/14/2018

Pundits have long worried that retirees wouldn’t have accumulated enough to live on in retirement, but the data suggests that most retirees aren’t exactly burning through their retirement savings.I remember my one and only conversation with my father about retirement income. He had already decided... READ MORE

A Healthy Bump for Retirement Confidence?

By Nevin Adams 5/4/2018

Americans continue to feel better about their retirement prospects, especially if they are healthy, have a defined contribution plan — or are already retired! This according to the 28th annual Retirement Confidence Survey from the non-partisan Employee Benefit Research Institute (EBRI). The survey... READ MORE

DENIED: 5th Circuit Dismisses AARP, State Intervention in Fiduciary Fight

By Nevin Adams 5/3/2018

With Twitter-length brevity, the 5th Circuit has dispensed with attempts by AARP and three states to step into the fight over the future of the DOL’s fiduciary rule. The 5th Circuit invalidated the rule on March 15, holding that the Department of Labor lacked authority to promulgate it, reasoning... READ MORE

The Chicken or the Egg?

By Nevin Adams 5/2/2018

It is a question that has puzzled philosophers and scientists for centuries: which came first – the chicken or the egg? Similarly, an updated version of a classic survey of retirement confidence finds some interesting attributes among those who are more confident about their prospects – but are... READ MORE

(Too) Great Expectations?

By Nevin Adams 4/29/2018

My schedule – and aversion to crowds – means that I rarely see a new movie the first weekend it comes out (a rare exception – Avengers: Infinity War).While this means that there are times when I’m the only one in the office the following Monday who hasn’t seen the latest blockbuster (and thus can’t... READ MORE

States Step Forward in Fiduciary Fight

By Nevin Adams 4/27/2018

Three states have now entered the fiduciary rule litigation arena, claiming that they “can no longer rely on DOL to adequately represent their interests.” The states involved — California, New York and Oregon — have filed two separate motions: one to intervene in the March 15 decision of the U.S.... READ MORE

DOL Pulls Back on ESG Guidance

By Nevin Adams 4/25/2018

While reiterating some long-standing positions on socially responsive investing, the Department of Labor (DOL) has some new cautions about an ESG emphasis in plan design and proxy voting.It has done so in the form of Field Assistance Bulletin 2018-01, issued April 23, which is designed to provide... READ MORE

SEC Commissioners Think Current Proposals Need Some Work

By Nevin Adams 4/19/2018

Despite the 4-1 vote by the Securities and Exchange Commission to release for public comment its fiduciary proposals, the commissioners apparently (still) have issues with the current version.In unveiling the package, SEC Commissioner Jay Clayton stated as motivations for this initiative: investor... READ MORE

The Luck of the Irish

By Nevin Adams 4/13/2018

One of the more memorable vacations of my youth was one that was just me, my younger brother and my grandparents. It was a driving vacation, one that had limits only in terms of its beginning and end. There was no agenda, no place we had to be at a particular time, and — at least according to my... READ MORE

Scottrade Moves to Move Massachusetts Fiduciary Claim to Federal Court

By Nevin Adams 4/12/2018

Scottrade wants to make a federal case out of an administrative proceeding filed by Massachusetts alleging violations of internal policies adopted in anticipation of the Labor Department’s fiduciary rule.Specifically, Scottrade has filed a legal motion to have the administrative proceeding filed by... READ MORE

SEC Announces Open Meeting on Fiduciary Issues

By Nevin Adams 4/12/2018

The Securities and Exchange Commission has announced plans for an open meeting to consider the agency’s long-awaited — and much anticipated — fiduciary proposal.According to a notice on the SEC’s website, the meeting will be held on Wednesday, April 18, 2018, at 3:30 p.m. at the Commission’s... READ MORE

‘End’ Adequate? Are We Getting an Accurate Read on Retirement Readiness?

By Nevin Adams 4/6/2018

The title of a new report by the Society of Actuaries poses an intriguing question: “Retirement Adequacy in the United States: Should We Be Concerned?” When all is said and done, the answer from the report’s authors seems to be “it depends.” And, as it turns out, it depends on a lot of things:... READ MORE

Yale Wins Some, But Most Claims Proceed

By Nevin Adams 4/3/2018

One of the first university 403(b) cases to be filed has had most of its motions to dismiss denied in the U.S. District Court for the District of Connecticut. The suit against Yale University was one of the first to be filed in this area — and by Schlichter Bogard & Denton LLP, the law firm... READ MORE

ERIC Strikes a Deal With Oregon on OregonSaves Reporting Requirement

By Nevin Adams 3/28/2018

An industry trade group has settled its lawsuit against the Oregon Retirement Savings Board (ORSB) – but the issue raised wouldn’t seem to be settled yet. The ERISA Industry Committee (ERIC) had filed a lawsuit Oct. 12 against the ORSB, saying that a provision of the state’s OregonSaves... READ MORE

NAFA, DOL Drop Fiduciary Ruling Appeal

By Nevin Adams 3/27/2018

An appeal of a decision supporting the Department of Labor’s (DOL) fiduciary rule won’t have its day in court, after all. The DOL and the National Association for Fixed Annuities have stipulated and agreed to a “voluntary dismissal” of an appeal pending in the U.S. Court of Appeals for the... READ MORE

TPA Theft Suit Adds Another Party

By Nevin Adams 3/26/2018

A suit against third-party administrator Vantage Benefit Administrators has been amended to include another party alleged to be complicit in the theft of money from a number of retirement plans. Last December, MBA Engineering Inc. had accused Vantage Benefits Administrators, Inc., Vantage CEO... READ MORE

‘Missing’ Inaction

By Nevin Adams 3/16/2018

While it’s hardly a new topic, the subject of missing participants is much in the news today — and arguably a growing concern for plan sponsors, particularly with the expansion of automatic enrollment.Earlier this year the Government Accountability Office (GAO) published a report — and some... READ MORE

5th Circuit Short Circuits Fiduciary Rule

By Nevin Adams 3/16/2018

The Labor Department finally came up short in federal court — but trade industry headlines notwithstanding, like Mark Twain, the rumors of the fiduciary rule’s “demise” might be a bit premature. It was the first loss in court (U.S. Chamber of Commerce v. DOL, 5th Cir., No. 17-10238, order reversing... READ MORE

Fiduciary Rule Notches Another Win in Court

By Nevin Adams 3/15/2018

The fiduciary rule kept its winning streak intact in the first ruling by a federal appellate court.This time it was the U.S. Court of Appeals for the 10th Circuit weighing in (Mkt. Synergy Grp., Inc. v. U.S. Dep’t of Labor, 10th Cir., No. 17-3038, decision affirming ruling for defendants 3/13/18)... READ MORE

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