Nevin & Fred

In the waning days of 2022, President Biden signed into law legislation that had moved through the House and the Senate on a strong bipartisan basis that greatly expands retirement savings opportunities for working Americans. In this episode Nevin (Adams) & Fred (Reish) unpack some of the major provisions, and their implications for retirement. Episode Resources SECURE 2.0 Resource Page As a t...

The U.S. Department of Labor has unveiled its much-anticipated final ESG rule that it says will allow “plan fiduciaries to consider climate change and other environmental, social and governance factors when they select retirement investments and exercise shareholder rights, such as proxy voting.”  The operative word for plan fiduciaries is MAY, not must consider ESG factors—a concern that had...

A recent flurry of lawsuits has "targeted" holders of the BlackRock LifePath target-date funds and their decision(s) to select, and hold, on their investment menu.  Ironically, the plan fiduciaries have been charged with "chasing low fees" with a disregard for the funds' performance - which the plaintiffs say was tracked against an inappropriate benchmark.  In this episode, Nevin & F...

There’s an old saying that when you assume… well, that applies double (and then some) to ERISA plan fiduciaries.  In this episode, Nevin (Adams) and Fred (Reish) discuss five – with reminders about how to avoid winding up in trouble. Episode Resources https://www.napa-net.org/news-info/daily-news/5-dangerous-fiduciary-assumptions https://www.napa-net.org/news-info/daily-news/5-things-your-pla...

With the written best interest documentation requirement now in place (as of July 1), and with some evidence that some advisors might not have focused on that deadline (or a series of others that took effect in February), in this episode Nevin (Adams) & Fred (Reish) look at some new ways to “fix” non-compliance issues. Episode Resources Best Interest Standard of Care for Advisors #93: Correcti...

There’s a lot going on in Washington – big movements in the Senate and in the House – and bipartisan.  So, what’s in those bills?  Nevin (Adams) and Fred (Reish) take a look. Episode Resources The Path(s) of Least Resistance   https://www.napa-net.org/news-info/daily-news/paths-least-resistance Bipartisan Bill Backs Auto-Portability   https://www.napa-net.org/news-info/daily-ne...

The Labor Department’s expanded definition of fiduciary advice is described in the preamble to PTE 2020-02. The PTE then provides relief for conflicted non-discretionary recommendations (for example, rollover recommendations), IF its conditions are satisfied. In this episode Nevin & Fred discuss the new parameters, how they’re applied, the conditions that might (and might not) be sufficient to...

When it comes to workplace retirement plans, there are three kinds of people: people who are ERISA fiduciaries and know it, people who aren’t ERISA fiduciaries and know it, and people who are ERISA fiduciaries and don’t know it. If you’re in the first or last category — well, in this episode Nevin & Fred discuss seven things that every ERISA plan fiduciary should know. Episode Resources https:...

In Part 2 of their “live” podcast from the NAPA 401(k) Summit, Nevin & Fred discuss ESG (and “material risk and return factors”), tie-breakers, designated investment alternatives, “extreme caution” & cryptocurrency within self-directed brokerage accounts (and beyond) – and Fred’s favorite ERISA case… Episode Resources DOL Issues Big Caution on Crypto   https://www.napa-net.org/news-in...

Nevin & Fred take their podcasting on the road for a Live session at the 2022 NAPA 401(k) Summit! Episode Resources SCOTUS Gives Excessive Fee Suit Plaintiffs Another Shot:  https://www.napa-net.org/news-info/daily-news/scotus-gives-excessive-fee-suit-plaintiffs-another-shot Hughes v. Northwestern University et al., case number 19-1401, in the Supreme Court of the United States:  htt...

A hot topic of conversation of late has been crypto currency – and just as it seemed to be making some inroads on some 401(k) platforms, the Labor Department jumped in with something called a Compliance Assistance Release that should certainly give pause to plan fiduciaries.  That follows a bit of a clarification on a stance it issued on the appropriateness of private equity in defined contri...

In their first episode of 2022, Nevin & Fred look at a new Supreme Court ruling likely to make it harder—perhaps much harder—to dismiss excessive fee lawsuits, the U.S. Supreme Court has remanded for further consideration a lower court decision that the law firm of Schlichter Bogard & Denton had argued had a “chilling effect” on excessive fee litigation. What happens next?  Check it o...

In this episode, the dynamic duo of Nevin & Fred take a look (ahead) at the prospects for the fiduciary rule (3.0), ESG, PEPs, Retirement Income (and income projections), industry consolidation & legislative outlook for 2022. Episode Resources Fred’s Fiduciary Rule blog: https://fredreish.com/ DOL Delays Enforcement of Fiduciary Investment Advice Exemption: https://www.napa-net.org/news-in...

Environmental, social and governance (ESG)-focused investing is of increasing interest to investors, plan sponsors and…regulators.  In this episode, Nevin & Fred focus on where things stand, what’s changed (and what hasn’t), and what plan fiduciaries/plan advisors should consider doing…now. Episode Resources Three ‘Scary’ Things That Give Plan Sponsors Chills: https://www.napa-net.org/new...

Being a plan fiduciary is a tough job—and one that, it’s probably fair to say—is underappreciated, if not undercompensated.   This week Nevin and Fred focus on five key missteps that plan committees make - and the best practices that can help keep you out of trouble.  Episode Resources  5 Plan Committee Missteps  Loving the podcast? Leave us a review!  Want to suggest...

Your plan might be an excessive fee litigation target if ...join Nevin Adams and Fred Reish for the latest installment of Nevin & Fred. Nevin & Fred discuss the recent Aon survey on "what drives fiduciary liability", and give you their perspectives on the key takeaways. Episode Resources Aon: What Drives Fiduciary Liability:  https://insights-north-america.aon.com/investment/aon-what-...

Cybersecurity is a hot topic these days, with a new ransomware attack or data breach in the news nearly everyday. In this episode, Nevin & Fred talk about DOL's recommended best practices and the best ways to protect your retirement savings from cyber hacks.  Episode Resources: DOL Investigation Questions: https://nevinandfred.com/  DOL Unveils Cybersecurity Guidance for Recordkeeper...

It's been said that a committee is a group that keeps minutes and loses hours, but they are an essential element in assuring prudent retirement plan operation and administration. In this episode we cover the who, what, how and how much of retirement plan committees - with some best practices and some things to avoid thrown in for good measure. Follow us on Instagram : @nevinfredpodcast F...

Building on a wide-ranging series of retirement plan design enhancements introduced by the Setting Every Community Up For Retirement Enhancement (SECURE) Act of 2019 (hence, SECURE 2.0), Chairman of the House Ways & Means Committee Richie Neal (D-Ma) and Ranking Member Kevin Brady (R-TX) have now introduced a sequel of sorts. Dubbed "SECURE 2.0", the Securing a Strong Retirement Act of 2021 ha...

Join Nevin Adams & Fred Reish for the inaugural episode of "Nevin & Fred: Fresh & Best Perspectives."  Technically, it’s not a “rule”—but after years of debate, hearings, comments, litigation and preparation, there are some new rules regarding investment advice—and some help for retirement plan advisors. Nevin Adams and Fred Reish take a look at the implications. And hav...