Nevin E. Adams JD

A New Generation of 401(k) Savers Looks to Be Better ‘Behaved’

By Nevin E. Adams JD 4/23/2023

According to a new report, the youngest workforce generation — Gen Z — is off to a great start. The report — Generational changes in 401(k) behaviors[1] — finds that while all generations saw rising participation rates, because young participants typically have the lowest participation rates,... READ MORE

Split Decision for 401(k) Excessive Fee Suit

By Nevin E. Adams JD 9/6/2022

Auto parts maker GKN North America Services Inc. managed to fend off some, but not all, claims in an excessive fee suit involving its use of Prudential’s GoalMaker product. The suit began in October 2021 when plaintiffs Jeffrey Parker, Donald B. Losey, and Shelley Weatherford filed[1] on behalf of... READ MORE

Class Action Suit Challenges Big CUSIP Licensing Fees

By Nevin E. Adams JD 3/17/2022

A class-action complaint was filed March 4 in the Southern District of New York that could have a ripple effect on the retirement industry’s infrastructure, and, at least potentially, the costs of operation. The suit involves CUSIPs—those unique identifiers that are used to identify U.S. and... READ MORE

2nd Suit Targets ‘Abusive’ CUSIP Licensing Fees, Tactics

By Nevin E. Adams JD 3/17/2022

Another suit has been filed in federal court challenging long-standing practices regarding licensing fees regarding the use of CUSIP numbers. The latest suit was filed March 7 in the Southern District of New York by Hildene Capital Management LLC. As did the suit filed earlier this month, this one... READ MORE

Participant Sues Recordkeeper for Data Breach

By Nevin E. Adams JD 12/15/2021

With cybersecurity of increasing concern to plan fiduciaries, participants—and regulators—a participant has sued his plan’s recordkeeper for breach of an implied contract to keep his data secure—as well as a breach of fiduciary obligation. The suit was brought by one Eric Giannini “on behalf of... READ MORE

‘Might’ Makes… Wrong?

By Nevin E. Adams JD 10/25/2021

Sometimes the motivations of those attacking the 401(k) are pretty obvious. A recent article by a Maurie Backman at the Motley Fool titled, “Why a 401(k) isn’t the wonderful savings tool you think it is.” I tried to ignore it when it first (to my eyes) appeared on Forbes (which seems to have a... READ MORE

Fiduciary Insurers Follow Plaintiffs’ Paths

By Nevin E. Adams JD 10/21/2021

Fiduciary liability insurers have apparently taken note of the recent surge in excessive fee suits—and are now making pointed inquiries based on the plaintiffs’ bar’s playbook. This “new”[i] generation of questionnaires cover the same type questions outlined above, but now get into areas such as... READ MORE

Aon Wins Big in Excessive Fee Decision

By Nevin E. Adams JD 10/15/2021

While the plan fiduciaries in the case chose to settle, the investment consultant for the plan took the case to trial—and won. The former participant/plaintiff here (one Benjamin Reetz) claimed that the defendants here (Lowe’s, the Administrative Committee of Lowe’s Companies, Inc. and investment... READ MORE

Committeed Relationships

By Nevin E. Adams JD 6/23/2021

The who, what, when and how many of retirement plan committees, as well as some best practices. It’s been said that a committee is a group that keeps minutes and loses hours, but advisors know they are an essential element in assuring prudent retirement plan operation and administration. In... READ MORE

Wells Fargo Wins (Again) in Stock Drop Appeal

By Nevin E. Adams JD 7/31/2020

Yet another stock drop participant-plaintiff has come up short—this time on appeal. The original suit dates back to 2016. Echoing themes common to these so-called “stock drop” suits, the Wells Fargo defendants were charged with intentionally withholding “material non-public information” from plan... READ MORE

8th Circuit Takes on Target Stock Drop Appeal

By Nevin E. Adams JD 7/31/2020

For the second time in a week, the Eighth Circuit Court of Appeals has weighed in on another stock-drop suit. Stock drop cases inevitably arise from a surprise impact to corporate earnings and stock price, and sure enough, this one followed the announcement of losses suffered by an ESOP... READ MORE

‘Mission’ Control

By Nevin E. Adams JD 7/27/2020

If you think planning for retirement is complicated… how about planning a landing on the moon? We’ve just marked the 51st anniversary[1] of the first manned landing on the moon. Magical as was that Sunday night in 1969 when the world tuned in to grainy black-and-white images of Neil Armstrong... READ MORE

That’s AMORE—New COVID 401(k) Catch-Up Bill Introduced

By Nevin E. Adams JD 7/24/2020

A quartet of GOP senators have introduced new legislation that would allow individuals facing financial challenges who are unable to make contributions to their tax-advantaged retirement accounts in 2020 to make catch-up contributions to these accounts in the coming years. The Addressing Missed... READ MORE

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Nevin E. Adams JD

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