Nevin E. Adams J.D.
By Nevin E. Adams J.D. 6/19/2020
If you were wondering how long it would take someone to file suit regarding events related to the COVID-19 pandemic—wonder no more.
In what seems to be the first suit filed against a 401(k) plan post-COVID-19 outbreak, the suit—filed June 8 in the U.S. District Court for the District of Rhode...
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By Nevin E. Adams J.D. 6/16/2020
In the midst of historic market volatility, a new survey of retirement plan sponsors and retirement plan advisors reveals gaps in focus—and perception—about the role of fixed income investments in a fully diversified 401(k) menu.
The new survey—sponsored by Janus Henderson Investors, conducted...
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By Nevin E. Adams J.D. 6/15/2020
Back when I was in school (OK, so it was way back), there were these little red fire alarm boxes strategically placed throughout the building. Their purpose was clearly indicated in big white letters… but, inevitably, as the school year wound to a close…
Well, it seemed that someone was always...
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By Nevin E. Adams J.D. 6/15/2020
The New York Regional Office of the Employee Benefit Security Administration is said to be seeking a long list of information from plans with ESG funds—about the selection and review process for those options.
[UPDATED JUNE 17, ADDING A LINK TO THE LETTER]
In recent weeks, there have been reports...
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By Nevin E. Adams J.D. 6/12/2020
A new analysis of tax data suggests that retirement system leakage isn’t nearly the issue that some have claimed.
That new analysis, “Decoding Retirement: A Detailed Look at Retirement Distributions Reported on Tax Returns,” by Investment Company Institute (ICI) economists Peter Brady and...
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By Nevin E. Adams J.D. 6/12/2020
June has already been a busy month for 401(k) litigation, and the law firm of Capozzi Adler PC has filed yet another such suit.
Earlier last month they filed suit against Aegis Media Americas Inc.—the firm that brought suit about a year ago against the BTG International Inc. Profit Sharing 401(...
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By Nevin E. Adams J.D. 6/8/2020
Almost since the passage of the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act, our industry has been torn between gratitude for the help to those who need it, and concerns for the implications on retirement futures. We recently asked ASPPA members what they are seeing in terms of...
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By Nevin E. Adams J.D. 6/7/2020
As the nation enters its third month under the constraints of the COVID-19 pandemic, it seems a dramatic understatement to say we are living in uncertain times.
Let’s face it, even as the nation begins to (re)open, concerns about the coronavirus remain widespread, and the markets, though...
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By Nevin E. Adams J.D. 6/1/2020
Concluding that “courts sometimes make standing law more complicated than it needs to be,” in a 5-4 decision, the nation’s highest court has ruled that plaintiffs in a suit involving a defined benefit plan hadn’t incurred the loss of benefits necessary to establish the right to bring suit.
More...
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By Nevin E. Adams J.D. 6/1/2020
It’s said that April showers bring May flowers—and the average 401(k) balance continued to bloom in May. In fact, most are back to, and in many cases ahead of, where they began the year.
According to estimates from the non-partisan Employee Benefit Research Institute (EBRI), the average 401(k...
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By Nevin E. Adams J.D. 5/29/2020
A federal judge has rendered a split decision in an excessive fee suit—though it seems fair to say that, at least in the judgment of this court, the Schlichter-represented plaintiffs’ experts didn’t live up to their “billing.”
The suit was filed by the law firm of Schlichter Bogard & Denton,...
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By Nevin E. Adams J.D. 5/29/2020
The terms of the settlement in a massive 401(k) excessive fee suit have come to light—and a federal judge has given them preliminary approval.
The settlement involves three separate participant suits that have been joined, two filed in March 2017, following close on the heels of the original...
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By Nevin E. Adams J.D. 5/26/2020
Long weekend notwithstanding, chances are you’ve not yet delved deeply into the Labor Department’s final rule on default electronic disclosure. Regardless, here are some things you might have missed.
The much-anticipated final rule was rolled out early on the morning of May 21. While “...
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By Nevin E. Adams J.D. 5/21/2020
Acknowledging that technology has made significant strides over the past two decades—and that many Americans are working remotely during the COVID crisis—the Labor Department has finalized a new safe harbor for electronic disclosures.
The final rule adopted today is “fundamentally similar” to the...
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By Nevin E. Adams J.D. 5/21/2020
The Labor Department wants you (and your clients) to stop including Personal Identifiable Information (PII) on Form 5500 filings.
Scott C. Albert, QPA, Chief of the DOL’s Division of Reporting Compliance, explains that the agency makes the information in Forms 5500/5500-SF available to the public...
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