Nevin E. Adams

By Nevin E. Adams, JD 2/9/2023

While an excessive fee suit had alleged the loss of “millions of dollars in excessive fees, costs, and lost investment opportunity,” the parties have settled for a fraction of that. The suit was brought in November 2021 in the U.S. District Court for the Central District of California by former... READ MORE

Could Super Bowl LVII Flummox Your 401(k)?

By Nevin E. Adams, JD 2/9/2023

Will your 401(k) be chipped by the Chiefs — or soar with the Eagles? That’s what adherents of the so-called Super Bowl Indicator[1] would likely conclude, after all. It’s a “theory” that when a team from the old National Football League wins the Super Bowl, the S&P 500 will rise, and when a... READ MORE

Citing Plausible Precedents, Plaintiffs Press for Settlement

By Nevin E. Adams, JD 2/8/2023

The plaintiffs in an excessive fee suit are pressing for consideration of a settlement, arguing that recent decisions against claims similar to theirs don’t bode well for their case. Now, in fairness, that’s not precisely their argument[1]. But these plaintiffs (Reichert et al. v. Juniper Networks... READ MORE

A Change of ‘Hearth’

By Nevin E. Adams, JD 2/6/2023

There are few things more disruptive to the peace or clarity of a 401(k) plan than a switch in recordkeepers. Let’s face it — change — even change for the better — is frequently disruptive to the human psyche. Most of us tend to drift into comfortable “ruts” of pattern, or perhaps habit — places... READ MORE

Fluor 401(k) Fiduciaries Fend Off Excessive Fee Suit — for Now

By Nevin E. Adams, JD 2/1/2023

Yet another 401(k) excessive fee suit has been dismissed for failing to allege a “plausible” claim of injury. The most recent—a suit filed against Fluor Corp.’s 401(k) a little more than a year ago by former participants Deborah Locascio and David Summers. Represented by Miller Shah LLP and... READ MORE

Red State Coalition Sues to Stop ESG Rule

By Nevin E. Adams, JD 1/30/2023

Mere days before the Labor Department’s ESG regulation is set to go into effect, a coalition of 24 states has filed suit to stop it. More specifically, the coalition, led by Texas Attorney General Paxton, says in a press release that the 2022 Rule “undermines key protections for retirement savings... READ MORE

Markets Timing

By Nevin E. Adams, JD 1/30/2023

As it happens, I commemorated an anniversary of my birth this last weekend. It’s not a particularly significant one — it doesn’t end in a 5 or a 0, won’t trigger any new savings opportunities or impact (catch-up, RMD trigger, forbearance of withdrawal penalties, or Social Security) — but it is a... READ MORE

Second Suit Says Settlement Terms Shrugged Off

By Nevin E. Adams, JD 1/25/2023

Just four years after striking an excessive fee settlement, a fund company has been sued again — for allegedly not making the changes to its 401(k) lineup the settlement contemplated. The defendants in the case are Allianz Asset Management of America, and the (new) participant-plaintiffs are Chad... READ MORE

6 Obstacles to Retirement Income Adoption

By Nevin E. Adams, JD 1/23/2023

It’s ironic that programs designed to provide retirement income pay so little attention to the realization of that objective. Still, some have said that this could be the year for retirement income — a combination of new offerings, volatile markets, and rising interest rates — and yet, it still... READ MORE

‘Astronomical’ Claims Come Up Short — Again

By Nevin E. Adams, JD 1/20/2023

Another suit filed by Capozzi Adler has failed to get past a plan fiduciaries’ motion to dismiss. The suit — filed in October 2021 by Rupinder Singh, Jeffrey S. Popkin, Joni Walker and Jenny Mark on behalf of the Deloitte 401(k) Plan, and the Deloitte Profit Sharing Plan with the 401(K) Plan and... READ MORE

Another Excessive Fee Suit Targets Provider ‘Overpayments’

By Nevin E. Adams, JD 1/18/2023

A new suit — with a plaintiff represented by a new (but suddenly active) law firm claims to be “another example of a large plan filling its 401(k) plan with (1) lower yielding, expensive investments when identical, cheaper classes were available at the time of selections/retentions, while (2)... READ MORE

Regret Able?

By Nevin E. Adams, JD 1/4/2023

A new survey once again highlighted a consistent regret among American workers. According to the survey by American Century Investments, they wish they had saved more for retirement. Now, only about a third shared that regret—but it was more than twice the number that had regrets about career,... READ MORE

401(k) Excessive Fee Settlement Hits a Snag

By Nevin E. Adams, JD 1/4/2023

A recently unveiled settlement in a 401(k) excessive fee suit has hit a snag. In fairness, the announced settlement was only a “partial” settlement—one that plaintiffs Wendy Berry, Lorri Hulings, and Kathleen Sammons announced with regard to claims against Aon Hewitt Investment Consulting, Inc. as... READ MORE

401(k) ‘Fraudster’ Hack Case Drops a Defendant

By Nevin E. Adams, JD 1/4/2023

Three parties have been sued as fiduciaries in a case involving theft of a 401(k) balance—a federal judge just let one off the case. The participant-plaintiff whose account was stolen is one Paula Disberry, who worked for Colgate-Palmolive from December 1993 to March 2004, in England, Mexico and... READ MORE

5 New Year’s Resolutions for 401(k) Plan Fiduciaries

By Nevin E. Adams, JD 1/4/2023

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 five for plan fiduciaries for 2023. Develop a plan budget. Most financially-focused New Year’s Resolutions focus on spending (less) or saving (more) — and the... READ MORE

Capozzi Adler Makes a Third Excessive Fee ‘Run’ at 401(k) Plan

By Nevin E. Adams, JD 12/30/2022

Loaded up with a fresh set of plaintiffs, a familiar plaintiffs’ attorney is having yet another “go” at plan fiduciaries in an excessive fee suit. The law firm in question is none other than Capozzi Adler PC[1] (and Johnson Fistel LLP), which filed a similar (identical?) suit against this same... READ MORE

(What Were) The Top Five Clicked ASPPA Connect Stories of 2022?

By Nevin E. Adams, JD 12/30/2022

There was a LOT going on this year — and you rewarded our hard work in bringing you the latest news and trends by clicking, sharing, and occasionally commenting on our content. What were the top five clicked-on stories of 2022? Oddly, the fifth-most clicked on story of 2022 — was actually written... READ MORE

$4 Billion 401(k) Strikes $4 Million Settlement

By Nevin E. Adams, JD 12/28/2022

A $4 billion plan has struck a $4 million settlement—and “meaningful prospective relief” — in a suit that challenged the fees it paid itself as recordkeeper for its own plan. Plaintiffs Chris Carrigan, Michael Venti, and Sylvain Yelle (represented by Nichols Kaster PLLP[1] and Garrison, Levin-... READ MORE

(What Were) The Top Clicked ASPPA Connect Stories of 2022?

By Nevin E. Adams, JD 12/28/2022

There was a LOT going on this year — and you rewarded our hard work in bringing you the latest news and trends by clicking, sharing, and occasionally commenting on our content. What were the top clicked stories of 2022? The lives (and experiences) of ASPPA Connect readers are often shaped by... READ MORE

Aon Hewitt Carves Out Settlement in Fiduciary Suit

By Nevin E. Adams, JD 12/21/2022

After over four years of hard-fought litigation, the parties in a suit involving fund menu construction have come to a partial settlement. By partial, we mean that plaintiffs Wendy Berry, Lorri Hulings, and Kathleen Sammons have come to terms with Aon Hewitt Investment Consulting, Inc. as part of... READ MORE

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