Nevin Adams

Cali’s Secure Choice Rebrands, Fast-Tracks for Launch

By Nevin Adams 3/15/2018

Another state-run IRA retirement plan for private sector workers is gearing up to go live.The investment board for California’s Secure Choice program (now renamed “CalSavers”) has approved final regulations and authorized its staff to search for a company to administer the program, according to the... READ MORE

IRS Digs in on New VCP Fee Structure

By Nevin Adams 3/14/2018

The IRS has responded to the American Retirement Association’s comment letter on the significant changes to the pricing structure for the Voluntary Compliance Program (VCP) — but it’s not very responsive. The American Retirement Association had pointed out that the true beneficiaries of the new VCP... READ MORE

First Judgment Handed Down in Vantage Benefits Suits

By Nevin Adams 3/12/2018

Last fall the Federal Bureau of Investigation raided the offices of Vantage Benefits Administrators “amid concerns that money may be missing from retirement accounts the company manages.” Lawsuits brought by plans affected by the fraud now shed light on what went on. This first ruling — a default... READ MORE

‘False’ Start?

By Nevin Adams 3/9/2018

There’s a new proposal being floated that proponents say would “increase retirement income security and reform Social Security.” And yes, a mandate is involved.The proposal involves something tagged “Supplemental Transition Accounts for Retirement” (START), and it’s being touted by AARP. The... READ MORE

5 Key Industry Trends You May Have Missed

By Nevin Adams 3/5/2018

The Plan Sponsor Council of America recently released its 60th Annual Survey of Profit-Sharing and 401(k) Plans, documenting increases in participation, deferral rates, target-date funds, automatic enrollment and advisor hiring, among other key trends. Here are five key trends highlighted in the... READ MORE

Scalia: Massachusetts’ Move Makes Case to Vacate Fiduciary Rule

By Nevin Adams 2/20/2018

Last week the Massachusetts Securities Division filed charges against Scottrade for knowingly violating its internal policies regarding implementation of the DOL fiduciary rule — an action that plaintiffs seeking to overturn that rule say validates their concerns.Those concerns — outlined in a... READ MORE

Bay State Regulator Files Fiduciary Rule-Related Complaint

By Nevin Adams 2/15/2018

The Massachusetts Securities Division has filed charges against a firm for knowingly violating its internal policies regarding implementation of the DOL fiduciary rule — and taken a shot at the Department of Labor (DOL). Specifically, Commonwealth Secretary William Galvin, the state’s top... READ MORE

PSCA Finds Faster Start for Auto Enroll Programs

By Nevin Adams 2/13/2018

While the most common default deferral remains 3% of pay (used by 36.4% of plans), more than half of those with automatic enrollment now have a default deferral rate higher than 3%, according to a new survey. According to the Plan Sponsor Council of America’s (PSCA) 60th Annual Survey of Profit... READ MORE

The 3 Biggest Mistakes Fiduciaries Make

By Nevin Adams 2/6/2018

Here are, in my estimation, the three biggest mistakes fiduciaries make. Not knowing they are fiduciaries. As noted above, a significant – and apparently growing — number of individuals who are, in fact, plan fiduciaries are oblivious to that reality. The reasons for that are varied, though the... READ MORE

Why the Match Matters — to Employers

By Nevin Adams 2/2/2018

It has been heartening in recent weeks to see a number of employers announce plans to expand and increase benefit programs, offer bonuses, and increase the employer match. Better still, a recent survey indicates that more positive changes could lie ahead. A decade ago, the headlines were filled... READ MORE

ARA Pushes Back on New VCP User Fee Approach by IRS

By Nevin Adams 1/31/2018

The American Retirement Association has taken issue with the new VCP fee structure and approach taken by the IRS, stressing that it is “unfair to small employers, and will have an adverse impact on plan participants.” The comment letter, addressed to David J. Kautter, Acting Commissioner of the IRS... READ MORE

5 Things of Which Plan Fiduciaries Need to Be Aware

By Nevin Adams 1/30/2018

Whoever said ignorance was bliss surely wasn’t talking about fiduciary litigation.While I’ve had the opportunity over the past decade and change to peruse plenty of filings and findings related to excessive fee suits, the recent amended filing in a case against New York University (NYU) included... READ MORE

Survey Finds Fees a Fiduciary Focus

By Nevin Adams 1/23/2018

A new survey finds that plan sponsors, by a wide margin, cited reviewing plan fees as the most important step they took in improving their fiduciary position in 2017, and 60% of survey respondents said they are somewhat or very likely to conduct a fee survey in 2018. While this ranked significantly... READ MORE

New Ground(s) Emerge in NYU Excessive Fee Suit

By Nevin Adams 1/23/2018

An amended claim in an excessive fee litigation treads some new ground – including naming the plan’s investment advisor as a defendant. New York University was one of the first of the university 403(b) excessive suits filed in August 2016, and representing the plaintiffs then (and now) was the law... READ MORE

Change in VCP Fee Structure Bumps Up Fees for Smaller Plans

By Nevin Adams 1/8/2018

A change in methodology means that sponsors of large retirement plans will pay significantly less to fix plan mistakes through the Voluntary Correction Program (VCP) – but plans with fewer than 100 participants generally will pay more. Structure Change On Jan. 2, Rev. Proc. 2018-4 outlined new... READ MORE

3 New Year’s Resolutions for Plan Fiduciaries

By Nevin Adams 1/7/2018

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 three for plan fiduciaries for 2018.Start a diet – for your fund menu.Though it is a point often made with studies (well, one study, actually) dealing with jellies... READ MORE

Projected Retirement Health Expenses Rise — Again

By Nevin Adams 1/7/2018

A year ago, the nonpartisan Employee Benefit Research Institute (EBRI) estimated that individuals might need as much as $350,000 to cover health expenses in retirement. You might want to sit down for the update.The headline in a new report from EBRI says that when it comes to health expenses in... READ MORE

Hill Conferees Come to Terms on Tax Reform Legislation

By Nevin Adams 12/18/2017

House and Senate tax negotiators agreed on the final tax reform legislation Dec. 15, but they had to make some additional changes to pick up support from some wavering members. How did retirement plans fare? Significantly, the retirement plan issues created by proposed tax changes affecting pass-... READ MORE

Participant Alleges Design Flaw in Proprietary Fund Suit

By Nevin Adams 12/13/2017

An alleged “built-in” flaw in fund design has drawn a fiduciary breach suit by a plan participant.The suit (Birse v. CenturyLink, Inc., D. Colo., No. 1:17-cv-02872, complaint filed 11/30/17) was filed in the U.S. District Court for the District of Colorado by Franklin D. Azar & Associates, a... READ MORE

Roth Won’t Remedy ‘Pass-Through’ Problem

By Nevin Adams 12/13/2017

A recent headline suggests that a Roth election could “mitigate” the retirement plan issues identified with a mismatch in tax rates for pass-through entities — but that falls well short of solving the problem created for small business retirements. A recent article on the PLANADVISER website... READ MORE

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