Nevin Adams

Does Retirement Planning Predict Healthy Behaviors?

By Nevin Adams 8/11/2016

We’ve heard that financial wellness contributes to physical wellness — but could saving for retirement be an indicator as to who will take steps to improve their health?A pair of Washington University researchers claim to have found that the decision to contribute to a 401(k) plan predicted whether... READ MORE

Does Retirement Planning Predict Healthy Behaviors?

By Nevin Adams 8/11/2016

What Behavioral Science Solutions Overlook

By Nevin Adams 7/29/2016

The retirement plan industry has paid a lot of time and attention to behavioral finance in motivating worker savings behaviors — but in doing so, we may be overlooking a significant factor that affects their adoption.Yes, we have for some time now championed the ability to counter inertia — the... READ MORE

DOL Regulation on State-Run Plans at OMB

By Nevin Adams 7/28/2016

State-run retirement programs for the private sector — and those who might be affected by them — could soon get some additional clarity from the Department of Labor (DOL).That would come via the final DOL rule intended to clarify that state savings initiatives would not be subject to ERISA... READ MORE

NAFA: DOL Relying on ‘Fog of Rulemaking’ to Prevail

By Nevin Adams 7/26/2016

Asserting its claim for summary judgement in the fiduciary rule litigation, one set of plaintiffs says that the Department of Labor (DOL) is counting on the sheer complexity of the issues to prevail in court.After taking the DOL to task for its lack of care in constructing the justification for the... READ MORE

ACLI, NAIFA Make First Amendment Case Against DOL Rule

By Nevin Adams 7/26/2016

As the dates for oral arguments approach, another set of plaintiffs have made their case for a quick summary judgment decision in their favor.The latest filing, on behalf of the American Council of Life Insurers and National Association of Insurance and Financial Advisors, challenges “the attempt... READ MORE

Plaintiffs Challenge DOL’s ‘Regulatory Alchemy’

By Nevin Adams 7/26/2016

The plaintiffs in the first lawsuit filed challenging the Department of Labor (DOL’s) fiduciary regulation take an aggressive stance in their motion for summary judgment.The 52-page filing starts (once the table of contents and table of authorities are dispensed with) by calling out the DOL for its... READ MORE

A Pension Protection Perspective

By Nevin Adams 7/21/2016

It’s hard to believe, but the Pension Protection Act of 2006 will be a decade old next month. And it’s probably done more good for the nation’s retirement security than most realize.The PPA drew its name from the portions targeted at shoring up defined benefit plans (and PBGC funding, I suppose),... READ MORE

5 Things That Retirement Calculator Won’t Tell You

By Nevin Adams 7/21/2016

Have you seen that commercial about the couple who will do just about anything to avoid doing a retirement needs calculation? Well, here are five things that individuals should know about sitting down and doing that for a retirement plan — that might overcome those fears.It won’t take as long as... READ MORE

Double Trouble With Second Stock Drop Suit

By Nevin Adams 7/20/2016

What’s worse than one class action lawsuit alleging a fiduciary breach?Why, a second lawsuit, of course — this one alleging that plan fiduciaries failed to fulfill their fiduciary obligations under ERISA by (different) participants in Target Corp.’s 401(k) plan. The suit was filed in the same venue... READ MORE

Plan Fiduciaries Sued for Failing to Remove Fund

By Nevin Adams 7/13/2016

While one plaintiff’s law firm had been looking for “potential violations” of ERISA in failing to remove a specific mutual fund from the plan menu — another one has apparently found them. Or at least a participant willing to raise the issue.Earlier this year the New York-based law firm Zamansky LLC... READ MORE

Participant Plaintiffs Sue Another Financial Services Provider

By Nevin Adams 7/13/2016

Yet another financial services provider finds itself accused of financial self-dealing in the operation of its 401(k) plan.The most recent suit, brought in the United States District Court for the Western District of Missouri Western Division by a current and former participant of the American... READ MORE

IRS Wants Heads-Up on Risk Transfer Provisions

By Nevin Adams 7/13/2016

If your plan sponsor clients are working to get a defined benefit determination letter, the IRS now wants to know if those plans have lump sum risk transfer language.For plans that do, the IRS wants the appropriate plan section identified, as well as an indication as to whether the plan satisfies... READ MORE

DOL Releases Proposal to Revamp Form 5500

By Nevin Adams 7/12/2016

The Department of Labor (DOL) wants the information form that private-sector employee benefit plans file each year to have more information — and to be more “mineable.”The DOL’s Employee Benefits Security Administration, the IRS and the PBGC are seeking public comments on proposed revisions that... READ MORE

DOL Makes Some BIC Fixes

By Nevin Adams 7/11/2016

The Department of Labor (DOL) has made some “technical corrections” to the Best Interest Contract (BIC) Exemption of the fiduciary regulation. The DOL issued the corrections on July 7; it had published the BIC Exemption in the April 8, 2016 Federal Register.The DOL notes that all of the corrections... READ MORE

4 Things Plan Fiduciaries Have in Common With the Second Continental Congress

By Nevin Adams 7/8/2016

Anyone who has ever found their grand idea shackled to the deliberations of a committee, or who has had to kowtow to the sensibilities of a recalcitrant compliance department, can empathize with the process that produced the Declaration of Independence we’ve just commemorated.I think there are... READ MORE

House Moves to Defund Fiduciary Regulation; Litigation Proceeds

By Nevin Adams 7/8/2016

A House appropriations bill takes another shot at the Department of Labor’s (DOL) fiduciary rule, while a litigant’s suit has now jumped to the front of the hearing queue.Under the heading of “Reducing Harmful Red Tape,” the House Committee on Appropriations said, “the legislation includes several... READ MORE

It’s Official: IRS Trims Determination Letter Program

By Nevin Adams 6/30/2016

Defying the wishes of plan sponsors and the Employee Plans Subcommittee (EP Subcommittee) of the Advisory Committee on Tax Exempt and Government Entities (ACT), the IRS will make significant reductions in its determination letter program.As outlined last year, in Revenue Procedure (Rev. Proc.) 2016... READ MORE

Your Plan Might Be an Excessive Fee Litigation Target if…

By Nevin Adams 6/24/2016

Last week another of the so-called excessive fee lawsuits was settled — not adjudicated, mind you. Here are some factors that the targets of these lawsuits seem to have in common.Now, in fairness, most of these cases haven’t actually gone to court — and, by my count, most of the ones that actually... READ MORE

What Will — and Won’t — Change with the Fiduciary Rule

By Nevin Adams 6/24/2016

With the Labor Department’s fiduciary regulation now final, your clients may well be asking, “So, what does this mean for me?”A recent analysis by consultant Mercer outlines the following potential impacts.Sponsors’ interactions with own participants won’t change much. Certainly not as much as was... READ MORE

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