Fred Reish - Podcast Details

Shows

Nevin & FredSeason 5, Episode 6: Dispelling Retirement Plan MisperceptionsSome call them “lies”—but in this episode, Nevin (Adams) andFred (Reish) highlight some of the most common—and confusing topics—about retirement plan responsibilities.Inspired by Fred Barstein’s “10 Biggest Lies Told to 401(k) Plan Sponsors,” the prolific podcasting pair parse a passel of problematic misperceptions regarding retirement plan responsibilities.We’re talking about things like:RFP requirements,cheap investment picks,CIT assumptions,PEP perceptions,recordkeeper reliance, andthe limits of advisor accountability. And that’s not all! See how their list matches yours.Episode ResourcesOnline Securi...2025-06-1633 min

Nevin & FredSeason 5, Episode 5: – (Still) Live from Las Vegas – Part 2Nevin (Adams) & Fred (Reish) brought their prolific,pugnacious, and provocative perspectives in a live podcast format to the record-breaking NAPA 401(k) Summit. In part 1 the precocious podcasting pair talked about anumber of lessons to be learned from recent litigation, including: - Who bears the burden of proof in ERISA litigation—according to the United States Supreme Court (bad policy, but “good” law)?- A rare jury trial—and a BIG settlement. Why they’re rare (but may become more common). Oh, and it involved a multiple employer plan (MEP). - Fred clarifies his prediction on PEPs (but he’s still a fan).2025-06-0227 min

Nevin & FredSeason 5, Episode 4: Nevin & Fred - Live from Las VegasNevin (Adams) & Fred (Reish) brought their prolific,pugnacious, and provocative perspectives in a live podcast format to the record-breaking NAPA 401(k) Summit.That’s right, at the mid-point of the 2025 NAPA 401(k)Summit, the precocious podcasting pair talked about a number of lessons to be learned from recent litigation, including:Who bears the burden of proof in ERISA litigation—according to the United States Supreme Court (bad policy, but "good" law)? A rare jury trial—and a BIG settlement. Why they’re rare (but may become more common). Oh, and it involved a multiple employer plan (MEP).Fred...2025-05-1425 min

Nevin & FredSeason 5, Episode 3: Pondering Participant Data Protocols & PRTAs interest rates rise, so has interest in pension risktransfer (PRT)—and litigation. Nevin & Fred take a look at what’s underlying (and undermining) that focus, aswell as a new suit alleging aggressive participant marketing.Pension risk transfer is an aptly named process undertakenby an organization that wants to transfer its pension obligations to another entity, typically an insurance company. The process itself is a fiduciary decision requiring carefulconsideration of the entity to which those obligations are transferred—and therein lies the basis of a recent spate of litigation regarding those choices (and during a period of time in...2025-03-1727 min

Nevin & FredSeason 5, Episode 2: Some New Twists on Forfeiture Reallocation LitigationA “new” entrant to the forfeiture reallocation suit “suite”—and a decision in favor of fiduciary defendants. Nevin & Fred review the latest developments.Yet another 401(k) forfeiture fiduciary breach suit has beenfiled—but there are some key differences: The plaintiffs are represented by the law firm of Schlichter Bogard, LLC. The plan involved was the largest targeted by this type of litigation to date (nearly $8 billion). The plan document language prohibited use of forfeitures to offset employer contributions before offsetting administrative expenses (at least according to the suit).And then there is a case that has been thro...2025-02-1830 min

Nevin & FredSeason 5, Episode 1: Can Duties of Prudence and Loyalty Diverge?Could plan fiduciaries violate their duty of loyalty to plan participants despite a prudent process? A recent federal judge says yes. Nevin (Adams) & Fred (Reish) discuss. Participant-plaintiff (and pilot) Bryan P. Spence filed suit in the U.S. District Court for the Northern District of Texas in June 2023 against Defendants American Airlines, Inc., American Airlines Employee Benefits Committee, Fidelity Investments Institutional, and Financial Engines Advisors, LLC (he subsequently dropped the latter two). The suit alleged that they “breached their fiduciary duties in violation of ERISA by investing millions of dollars of American Airlines employees’ retirement savings...2025-01-2230 min

Nevin & FredSeason 4, Episode 14: A Fiduciary Naughty and Nice ListIt’s the holiday season, and Santa isn’t the only one making a list and checking it twice. Let’s face it, SECURE 2.0 has a LOT of good, interesting—and potentially complicated options. But there are some that AREN’T optional, like the requirement that new plans adopted after the signing of the legislation into law have to automatically enroll eligible participants beginning in January 2025. What happens if you forget? What happens if the business is below the threshold—and then goes above it—and then slips below it? And there’s something “special” about the selection of...2024-12-0430 min

Nevin & FredSeason 4, Episode 13: Nevin & Fred “Live” at ASPPA AnnualOn October 21, the dynamic podcasting duo of Nevin (Adams) & Fred (Reish) brought their engaging, informative, and occasionally alliterative discussion to ASPPA Annual. As one might expect from a crowd composed of the nation's leading recordkeepers and third party administrators (and a bunch of experts that help them succeed), the discussion was, as always, wide-ranging, including constantly compelling topics like: Latest Lessons from the Litigation Landscape – fending off fiduciary forfeiture suits Fiduciary Faux Pas, Pitfalls and Best Practices Scary stuff from SECURE 2.0 – implications of auto-enrollment for all plans, LTPT employee tracking, etc. 2024-10-3035 min

Retiring Minds - Their Next Chapter(s)Season 1, Episode 3: Nevin E. Adams, JDNow “retired” (whatever that means), Nevin is the former Chief Content Officer and Head of Retirement Research for the American Retirement Association. One of the retirement industry’s most prolific writers, these days he’s “retired,” which means he writes less, but continues to keep his eye on developments in, and threats to, the nation’s private retirement system. He’s the “Nevin” in the Nevin & Fred podcast (along with renowned ERISA attorney Fred Reish), offering irreverent but relevant perspectives on the critical issues confronting plan sponsors, advisors, and retirement industry professionals. He’s also the co-host of THIS new p...2024-09-2727 min

Nevin & FredSeason 4, Episode 10: The Demise of DeferenceWith far-reaching implications—likely including the Labor Department’s fiduciary rule—the nation’s highest court has set aside a long-standing judicial deference to federal regulators in interpreting the law. In this episode Nevin (Adams) and Fred (Reish) consider the impact(s). While the full implications will take time to emerge, it’s almost certainly going to produce more litigation, and in the process, less certainty for advisors, plan sponsors and recordkeepers trying to operate within those boundaries. Why It Matters Since 1984, courts have adopted a review framework for challenged regulations. First, to consider wh...2024-07-3030 min

Advisor RevelationsHow the Department of Labor’s New Fiduciary Rule Impacts InsurersIn this episode of Advisor Revelations, David Lau talks with Fred Reish, Partner and Chair of the Fiduciary Services ERISA Team at Faegre Drinker Biddle & Reath, about the Department of Labor's new fiduciary rule. They discuss the regulation's origins, goals, and potential impact on the insurance industry. Fred also provides insight into how insurance professionals and financial advisors can navigate the evolving regulatory landscape of retirement planning. Learn more at https://www.dplfp.com/series/advisor-revelations-podcast. 2024-07-3033 min

Nevin & FredSeason 4, Episode 9: SECURE 2.0 Choices and Savings TrendsThe SECURE 2.0 Act of 2022 included dozens of new OPTIONAL plan design choices for plan sponsors. Nevin (Adams) and Fred (Reish) explore the findings of a new survey of which plan design choices plan sponsors are most likely to adopt. To gain a better understanding of which optional provisions of the SECURE 2.0 Act plan sponsors are most likely to adopt, Fidelity Investments recently invited more than 2,000 clients to participate in a survey, and from that derived the top-five-ranked optional provisions. In this episode, Nevin (Adams) and Fred (Reish) talk about those options—and THEIR favorites. In thi...2024-07-0935 min

401(k) Specialist PodcastJerry Schlichter Preps Advisors for Fiduciary Rule ChangesThe DOL’s new fiduciary rule is scheduled to become effective in September, and retirement plan advisors and plan sponsors have plenty to do to prepare for the changes it will bring.Jerry Schlichter, founding and managing partner of Schlichter Bogard LLC and a well-known pioneer of retirement plan excessive fee litigation, visits the 401(k) Specialist Pod(k)ast to share some important insights on the upcoming changes, legal challenges and what advisors need to be doing to prepare for compliance.SEE ALSO:• Fred Reish Unpacks the DOL’s New Fiduciary Rule 2024-06-1016 min

Nevin & FredSeason 4, Episode 7: The Fiduciary Rule—Here We Go AgainIn 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 (ERISA) and the Internal Revenue Code (IRC). In this new podcast episode, the prolific podcasting pair ponder: The impact(s) to retirement plan advisors who are already ERISA fiduciaries, and compliant with PTE 2020-0...2024-05-2929 min

401(k) Specialist PodcastFred Reish Unpacks the DOL’s New Fiduciary RuleThe Department of Labor released its final “Retirement Security Rule” recently, which aims to raise the legal bar for financial advisors, brokers, insurance agents and others who give retirement investment advice.Noted ERISA attorney Fred Reish Esquire, Partner at Faegre Drinker, shares his thoughts on some of the rule’s key focuses and changes, along with implementation questions and potential hurdles to the rule becoming effective in September.Key Insights:Clarification of "Retirement Investment Advice": The updated Retirement Security Rule defines advice that is fiduciary in nature, emphasizing that even one-ti...2024-05-1317 min

The Securities Compliance Podcast: Compliance In ContextS5:E3 | Breaking Down The “New” DOL Fiduciary Rule – Lessons From The Front Lines | Compliance In ContextWelcome back to the Compliance In Context podcast! On today’s show, we feature a Lessons From The Front Lines episode with renowned retirement plan fiduciary expert, Mr. Fred Reish, to help us through another groundbreaking DOL Fiduciary Rule and unpacking where and how it will affect investment adviser and broker-dealer firms across the country. This is an episode you won’t want to miss! Show Interview with Fred Reish Reviewing the evolving standards of care (Reg BI, RIA, DOL, NAIC) How have disclosures evolved to comply with the differentiated standards of care...2024-05-0753 min

Nevin & FredSeason 4, Episode 6: Live from Music City - Part 2On 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 Suits, TDF Demographics and a Prudent Process Primer | National Association of Plan Advisors (napa-net.org) The meaning of “meaningful benchmarks” Lack of ‘Meaningful Benchmark’ Bounces (Another) 401(k) Excessive Fee Suit | National Association of Plan Advis...2024-05-0321 min

Nevin & FredSeason 4, Episode 5: Live from Music CityOn 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 reallocation suits); Why you may not need an investment policy statement (but should have an investment policy and an engaged committee); How participant demographics could (should?) influence your target-date fund selection. 2024-05-0130 min

Nevin & FredSeason 4, Episode 4: Could a Predominant PEPs Prediction Prove Positive?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 administrative work) was left to others—and holding forth an opinion that if we HAD started there, would plan sponsors have ever wanted to take on that “extra” work and liability. Well, r...2024-04-0329 min

Nevin & FredSeason 4, Episode 3: More Proof Prudence Prevails in 401(k) LitigationSome 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 Targets Tetra Tech | National Association of Plan Advisors (napa-net.org) (2) The importance of following the plan document: DOL Successfully Sues Employer for Misuse of Forfeitures | National Association of Plan Advisors (napa-net.org) (3) Fiduciary defendants prevail in two separate (and ver...2024-03-0532 min

Nevin & FredSeason 4, Episode 1: Forfeit “Sures?”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,” says a recent motion to dismiss a lawsuit alleging a fiduciary breach in offsetting employer contributions with forfeitures. The motion to dismiss speaks to charges made in a suit...2024-01-0929 min

Nevin & FredSeason 3, Episode 15: A New Fiduciary ProposalOn 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 component of what was considered to define an ERISA fiduciary. In the latest episode Nevin (Adams) and Fred (Reish) consider the historical framework of the ERISA fiduciary definition, how the proposed rule would alter that...2023-11-2624 min

Nevin & FredSeason 3, Episode 12: DOL Makes Another Fiduciary ForayLate 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 post on the Office of Management and Budget’s website, “this rulemaking would amend the regulatory definition of the term fiduciary...to more appropriately define when persons who render investment advice for a fee to employee benefit plans and IRAs are fidu...2023-09-1931 min

Nevin & FredSeason 3, Episode 11: Hot Topics – Roth Relief, Fiduciary Filings, & Crypto Calls, Oh My!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-catch-requirements A favorable court ruling for the Labor Department on its compliance assistance release regarding cryptocurrency investments in defined contribution plans. https://www.napa-net.org/news-info/daily-news/401k-crypto-case-crumbles-federal-court American Airlines pilot suit says he was invested in fun...2023-09-1336 min

Nevin & FredSeason 3, Episode 10: Suits Strike Polarizing Positions on ESGAmidst 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 pretty much where the Trump Administration’s final rule on ESG investments did (save for the reliance on the term “pecuniary”), the issue remains polarizing (almost as though people hadn’t actually read the final regulation), triggering a number of suits involving retirem...2023-08-3027 min

401(k) Specialist PodcastFred ReishFred Reish’s DOL Fiduciary Rule UpdateThe retirement industry will be keeping a close eye on the Department of Labor in August in anticipation of proposed regulation regarding its fiduciary rule, and whether or not a retirement plan-to-IRA rollover recommendation made by an advisor who is a fiduciary to a plan or participant constitutes a fiduciary act, necessitating the use of Prohibited Transaction Exemption 2020-02.To help us sort out what’s going on with the DOL’s fiduciary rule, we can think of no better source than noted ERISA expert and Faegre...2023-07-2617 min

Nevin & FredSeason 3, Episode 8 - Hot TopicsIt’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 suits where fiduciaries were accused of "chasing" low fees. 2023-07-1724 min

Nevin & FredSeason 3, Episode 7 - Managed Account-AbilityAccording 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, doubtless driven in no small part by the development/adoption of these solutions by advisory firms, though many advisors continue to see these as little more than “expensive target-date funds.” 2023-06-0629 min

Oyster Stew - A Broth of Financial Services Commentary and InsightsUnpacking DOL PTE 2020-02In today’s podcast, DOL PTE 2020-02 experts Fred Reish, David Porteous and Joan Neri from the law firm of Faegre Drinker Biddle & Reath will be discussing the current state of the industry’s implementation, how different firms are approaching the requirements, self-correction, and what they see as the DOL’s approach. Oyster Consulting has the expertise, experience and licensed professionals you need, all under one roof. Follow us on LinkedIn to take advantage of our industry insights or subscribe to our monthly newsletter. Does your firm need help now? Contact us today!2023-05-0423 min

Oyster Stew - A Broth of Financial Services Commentary and InsightsDOL PTE 2020-02 - What Comes NextIn February, a US District Court judge challenged the DOL’s FAQs around the fiduciary investment advice definition to rollover recommendations. In today's episode, Part 2 of 2 discussing DOL PTE 2020-02, experts Fred Reish, David Porteous and Joan Neri from the law firm of Faegre Drinker Biddle & Reath join Oyster's Ed Wegener will be discussing this case and other legal challenges, and the impacts these will have, if any. Oyster Consulting has the expertise, experience and licensed professionals you need, all under one roof. Follow us on LinkedIn to take advantage of our industry insights or subscribe to o...2023-05-0429 min

Nevin & FredSeason 3, Episode 4: Nevin & Fred Live and In Person – Part 1On 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 implications of when a plan is “established.” The (potential) impact of the last SECURE 2.0 provision to take effect — and why you should be nice to your recordkeeper...2023-04-1726 min

Nevin & FredUnfinished Business for SECURE 2.0?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 required minimum distribution (RMD) timing. Required vesting on employee elected Roth treatment of employer contributions Mandatory automatic enrollment on new plans – but not till 2025 – and with (potentially) rolling effective dates after that Episode Resource...2023-01-3129 min

Nevin & FredEven More SECURE...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 top priority of the American Retirement Association, the SECURE 2.0 Act of 2022 was signed into law by President Biden on Dec. 29, 2022. The legislation, which was included in Division T of the Consolidated Appropriations Act, 2023 (H.R...2023-01-0331 min

Nevin & Fred5 Dangerous Fiduciary AssumptionsThere’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-plan-committee-members-need-know https://www.napa-net.org/news-info/daily-news/5-plan-committee-missteps 2022-09-2129 min

Nevin & FredPTE 2020-02: What to do When You Didn’t do What You Were Supposed to Do.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: Correction of Failures to Satisfy PTE 2020-02 https://fredreish.com/best-interest-standard-of-care-for-advisors-93/ IRS Pilots Pre-examination Retirement Plan Compliance Program https://www.asppa-net.org/news/irs-pilots-pre-examination-retirement-plan-compliance-program Morningstar Urges DOL to Revisit TDF Gu...2022-07-2634 min

Nevin & FredEARN, RISE & SHINE, Auto-Portability & the Way(s) ForwardThere’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-news/bipartisan-bill-backs-auto-portability It’s Unanimous! EARN Passed by Senate Committee 28-0 https://www.napa-net.org/news-info/daily-news/its-unanimous-earn-passed-senate-committee-28-0 Senate HELP Committee Approves RISE & SHINE Act https://www.napa-net.org/news-info/daily-news/senate-help-comm...2022-07-0528 min

The Fiduciary U™ PodcastEp #37: Wrestling with Rollovers and Other Regulatory Trends With Fred ReishOn today’s episode the one and only Fred Reish joins me to discuss emerging regulatory trends affecting advisory firms and advisors. Fun fact - Fred is the first repeat guest on the show.During our conversation, we focus much of our discussion on the new fiduciary advice exemption, PTE 2020-02 which became effective on February 16, 2021. The new prohibited transaction rules cast a wide net, impacting both qualified plans and IRAs and the compliance requirements are significant. Fred shares his concerns about the confusion he is seeing with regard to the effective compliance dates, th...2022-06-201h 04

The Hire thru Retire PodcastForecasting the 401(k) with Nevin Adams & Fred ReishIn this episode, Bill and Heather are joined by two “legends” in the retirement industry, Fred Reish, partner at Faegre Drinker Biddle & Reath LLP, and Nevin Adams, chief content officer for the American Retirement Association. With extensive knowledge and insight on the industry, Fred and Nevin share their thoughts on the concept of “forecasting the 401(k)” – tackling all topics from legislation to lifetime income. With many changes in the industry over the past several years there is certainly lots to discuss when it comes to both trends and guidance for employers. Tune in to hear more from Fred and Nevin them...2022-04-0537 min