Nevin & Fred

In late April the Department of Labor (DOL) released the  Retirement Security Rule , generally referred to as the “fiduciary rule.”  Nevin (Adams) and Fred (Reish) take a look at what’s changed —what hasn’t—and what it all means for retirement plan advisors. This now-final rule updates and broadens the definition of an investment advice fiduciary under the Employee Retirement Income Security Act (...

On April 7, 2024, Nevin (Adams) & Fred (Reish) took their popular podcasting platform on the road to Nashville, Tennessee, for a live version at the NAPA 401(k) Summit—in the middle of a solar eclipse! In the second part of an expanded session, the prolific podcasting pair pointed to some takeaways from recent litigation trends including: The importance of fiduciary training   New Fiduciary Su...

On April 7, 2024, Nevin (Adams) & Fred (Reish) took their popular podcasting platform on the road to Nashville, Tennessee, for a live version at the NAPA 401(k) Summit—in the middle of a solar eclipse! During an expanded session, the prolific podcasting pair pointed to some takeaways from recent litigation trends including: Why it’s important to know/read your plan document (forfeiture realloc...

In a recent article on NAPA-Net, Fred Reish opined that PEPs—pooled employer plans—would come to dominate new plan adoption in the next five to 10 years. In this episode, Nevin (Adams) and Fred explore that possibility. To make his case, Fred posed a counter-intuitive argument, supposing that if we had started with a PEP architecture—one in which most of the liability (and decisions and administra...

Some recent suits – and federal court rulings – provide some timely reminders about the importance of a prudent process and following the plan document.  In this podcast episode, Nevin (Adams) & Fred (Reish) discuss the background, issues, and implications behind: (1) Suits regarding reallocation of forfeitures  - offsetting employer contributions: 401(k) Forfeiture Fiduciary Breach Suit Now T...

Another of the BlackRock TDF suits comes to a conclusion, the WSJ takes a peek at managed accounts—and Nevin and Fred ponder the implications for glidepaths. To date only one of the dozen or so suits filed against plans that had BlackRock’s LifePath TDFS have gotten past the motion to dismiss—suits that charged plan fiduciaries with “chasing low fees” and being inattentive to poor performance.  In...

Late last year a Pasadena, California, law firm launched a series of suits alleging that the use of forfeitures to offset employer contributions was a fiduciary breach. Nevin (Adams) and Fred (Reish) look at the issue(s) this raises.  “If this is the law, then that would be news to Congress and the regulatory agencies, which have declared for decades that forfeitures can be used in this manner,” s...

On October 31, the Biden Administration rolled out its long-anticipated update to the fiduciary rule. While it’s got a new name (the Retirement Security Rule), it builds on and extends the Labor Department’s reach by both focusing on the needs and perceptions of the retirement investor and eliminating the “regular basis” aspect of the so-called five-part test that has long been an integral compone...

At the 2023 NAPA/NTSA ERISA 403(b) conference, Nevin & Fred took the podcast LIVE to focus on the differences in SECURE 2.0 for 403(b) and 401(k) plans—with a special guest.  And then the focus turned to litigation. Since late 2016, nearly two dozen excessive fee lawsuits have been filed against major universities, raising many of the issues that had previously been raised regarding major 401(...

At the 2023 NAPA/NTSA ERISA 403(b) conference, Nevin & Fred took the podcast LIVE to focus on the differences in SECURE 2.0 for 403(b) and 401(k) plans – with a special guest. 

Late one recent Friday afternoon, the Department of Labor dropped off a package that would redefine fiduciary investment advice under the Employee Retirement Income Security Act (ERISA).  In this episode Nevin (Adams) and Fred (Reish) explore the possibilities – the history and potential future – of this initiative. Known officially as “Conflict of Interest in Investment Advice,” according to a po...

Summer may be winding down, but there’s been a LOT going on in the retirement world.  In this episode, Nevin (Adams) and Fred (Reish) run down the hot topics, and the implications behind these trends. We’re talking about: Breathing room from the IRS on mandatory Roth for higher income catch-up contributions  https://www.napa-net.org/news-info/daily-news/breaking-news-irs-grants-two-year-delay-roth...

Amidst a highly politicized environment, retirement plan litigation focused on the inclusion of ESG (environmental, social & governance) factors – or the lack thereof.  Nevin (Adams) and Fred (Reish) examine the issue(s) and implications. While the Biden Administration’s final rule on ESG investments (more properly “prudence and loyalty in selecting plan investments”) seems to have landed pret...

There’s an old practice getting some new attention these days – “reenrollment." In this episode, Nevin and Fred take a look at the trend and its implications.  Let’s face it, just because circumstances weren’t right for joining the plan a year ago doesn’t mean they should be overlooked forever. Said another way, if at first you don’t “succeed” in enrolling them in the plan, this presents anot...

It’s been a hot summer here – and there’s been so much going on lately that our brief recap wound up being a podcast episode unto itself.  In this episode Nevin (Adams) and Fred (Reish) discuss:  The jury trial outcome of the Yale University 403(b) excessive fee suit New litigation – and legislation – regarding fiduciary issues with regard to healthcare Latest updates on the BlackRock LifePath TDF...

According to Cerulli’s “U.S. Managed Accounts 2022: The Future of Personalized Portfolios,” assets in managed-accounts programs grew nearly 24% in 2021, reaching a high of $10.7 trillion.  In this episode Nevin (Adams) & Fred (Reish) take a look at the trends, the issues, and the considerations underlying managed accounts.  Certainly these structures have proliferated in recent years, doubtles...

There’s little argument that retirement income solutions are a need – but no real consensus that providing it is, or should be, a plan sponsor’s responsibility.  Nevin & Fred discuss what's (still) standing in the way... 

On April 3, the Nevin & Fred podcast went on the road to San Diego for a live appearance in front of a standing room only crowd at the NAPA 401(k) Summit. 

On April 3, the Nevin & Fred podcast went on the road to San Diego for a live appearance in front of a standing room only crowd at the NAPA 401(k) Summit.  Along with their alliterative illustrations, Nevin (not Neville — Adams) & Fred (Reish) covered: Their favorite provisions of SECURE 2.0 — why — and how it matters to you (and the coverage gap). Why 2024 is just four months away. The im...

There are few things more disruptive to the peace or clarity of a 401(k) plan than a switch in recordkeepers.  But—whether for good or ill—a change in recordkeepers is one of those “choices” that plan fiduciaries are expected under ERISA to evaluate as a prudent expert.  In this episode, Nevin & Fred cover the key factors.

Over the past several months –following the United States Supreme Court’s decision in Hughes v. Northwestern University – a number of cases, notably the Oshkosh case—and those of CommonSpirit and TriHealth —have brought with them what appears to be a higher standard of “plausibility” in asserting claims that can get past the standard motion to dismiss. In this episode Nevin & Fred take a look...

The SECURE 2.0 Act of 2022 was signed into law in the waning days of 2022.  But there are some things that need fixing – and some things you may have overlooked.  Nevin (Adams) and Fred (Reish) highlight five key areas calling for attention. The short list of things covered in this episode: Deleted legislative text that could undermine catch-up contributions A typo(?) that could impact r...

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...