Shows
Retiring Minds - Their Next Chapter(s)Season 2, Episode 3: Jeanne ThompsonJeanne Thompson is the founder of Jeanne Thompson Global, a consultancy that partners with forward-thinking organizations to create comprehensive retirement transition programs. After retiring from Fidelity Investments in December 2021, Jeanne discovered firsthand that people need support beyond financial planning to not only make the decision to retire, but to successfully transition into retirement. This lived experience led her to develop an innovative approach addressing five essential pillars often overlooked in traditional retirement planning: creating structure, developing hobbies, evolving identity, building community, and finding purpose.Through Jeanne Thompson Global, she helps organizations develop structured retirement transition programs that...2025-03-1932 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 minNevin & 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 minRetiring Minds - Their Next Chapter(s)Season 2, Episode 2: Mark DavisMark worked in the defined contribution industry for morethan 30 years and served as an independent advisor since 1999. Mark's career focused on providing investment advisory services to fiduciaries of corporate retirement plans. Based in Los Angeles, he served clients from New York toHonolulu. Mark has been frequently quoted in national media and regularly spoke at events on retirement, investment and educational issues. Mark has testified before both the House Ways & Means and the House Education and LaborCommittees. He served on the Board of Directors of ASPPA, the American Society of Pension Professionals and Actuaries and on the founding Committee of...2025-02-1124 minRetiring Minds - Their Next Chapter(s)Season 2, Episode 1: Dallas SalisburyDallas Salisbury was long synonymous with the Employee
Benefit Research institute (EBRI) that he led as CEO from its founding in 1978 until 2015 when he was named Resident Fellow and President Emeritus of that organization, a position he held till year-end 2017. He was also chairman and CEO until December 31, 2015, of the American Savings Education Council (ASEC), a partnership of public and private-sector institutions that undertake initiatives to raise public awareness as to the needs for insuring long-term economic and health security, and was the image of SavingsmanTM, the
spokesperson for the Choose to $ave® www.choosetosave.org ) public service announcements....2025-01-2831 minNevin & 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 minRetiring Minds - Their Next Chapter(s)Season 1, Episode 6: John RekenthalerJohn Rekenthaler was vice president of research for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc.
Rekenthaler joined Morningstar in 1988 and served in several capacities. He has overseen Morningstar's research methodologies, led thought leadership initiatives such as the Global Investor Experience report that assesses the experiences of mutual fund investors globally, and been involved in a variety of new development efforts.
Rekenthaler previously served as president of Morningstar Associates, LLC, a registered investment advisor and wholly owned subsidiary of Morningstar, Inc. During his tenure, he has also led the company’s retirement ad...2025-01-0331 minNevin & FredSeason 4, Episode 15: A Christmas (k)arolWith apologies to Charles Dickens, Nevin & Fred have
done a special year-end tribute (of sorts) to the “ghosts” of retirement past, present – and future.
Several weeks back Brian Brashaw issued a challenge (of sorts) to the podcasters of the retirement industry. Specifically, he expressed an interest in that unique and special group doing a podcast “visited by three spirits: ghosts of 401k past, present and future.”
To date, we’ve seen interest, but no “takers” – but here’s
the Nevin & Fred option.
Episode Resources
An ‘Unintended’ Consequence - https://www.napa-net.org/news/2024/11/talking-p...2024-12-1835 minNevin & 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 minRetiring Minds - Their Next Chapter(s)Season 1, Episode 5: Mathew GreenwaldMathew Greenwald is the Founder and Managing Director of Strategic Initiatives of Greenwald Research, a market research firm founded in 1985 that specializes in retirement, life insurance, employee benefits and other financial
services issues. He has a Ph.D. in sociology from Rutgers
University. Dr. Greenwald was a Congress-appointed
delegate to the 1998 and 2002 National Summits on Retirement Savings. He has published numerous articles on
retirement issues. He is an elected member of the Market Research Council, a group of the country's leading market
researchers. He is the only market researcher in the Insured Retirement Institute’s Annuity Hall of Fame.
H...2024-12-0232 minNevin & 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 minRetiring Minds - Their Next Chapter(s)Season 1, Episode 4: Karen A. JordanKaren A. Jordan is a retired pension consultant with more than 40 years in the retirement plan business. Formerly, she was president and an owner of Alaska Pension Services, Ltd. (APS), a pension consulting firm in Anchorage, Alaska. Karen is a past president of the American Society of Pension Professionals and Actuaries (ASPPA), which is head- quartered in Arlington VA. With ASPPA, she earned the designations of Certified Pension Consultant, Qualified Pension Administrator and Qualified 401(k) Administrator. She was also an Enrolled Retirement Plan Agent under the IRS.
Locally, Jordan is a member of Anchorage East Rotary Club, the...2024-10-1832 minNevin & FredSeason 4, Episode 12: Forfeitures, Meeting Minutes & MoreIn a “live” version of the Nevin & Fred podcast at the
Strategic Retirement Partners (SRP) annual conference, Nevin & Fred (& Bonnie Treichel & Tom Clark) covered recent litigation trends—and more!
In recent months, the plaintiffs’ bar has “discovered” a new litigation target: the use of forfeitures to offset employer contributions, rather than to offset plan fees
or to reallocate them to the remaining participants in the plan. The expanded expert podcast panel reviews the
current status, the trend(s), and what plan fiduciaries can/should do about it.
And—on a related topic—what should/shouldn’t be included in com...2024-10-1546 minRetiring 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 minNevin & FredSeason 4, Episode 11: Stop—and Go? The Fiduciary Rule & Forfeiture SuitsThe so-called fiduciary rule has been stayed—and legal
challenges regarding forfeiture reallocation are picking up. Nevin & Fred discuss what you should be doing…now.
About a month ago two separate federal judges put a hold on the effective date (09/23) of the Labor Department’s new fiduciary rule—indefinitely. n ordering the stay, United States District Judge Jeremy D. Kernodle explained that “the 2024 Fiduciary Rule suffers from many of the same problems” that were found in the version vacated by the Fifth Circuit back in 2018.
On the other (unrelated) hand, the number of suits alleging a fiduciary bre...2024-08-2823 minRetiring Minds - Their Next Chapter(s)Season 1, Episode 2: The Honorable Phyllis C. BorziFollowing her unanimous confirmation by the U.S.
Senate, the Honorable Phyllis C. Borzi served as the Assistant U.S. Secretary of Labor of the Employee Benefits Security Administration (EBSA) during the
Obama Administration from 2009 until 2017, overseeing approximately 700,000 private-sector retirement plans, approximately 2.3 million group health plans, and a similar number of other welfare benefit plans that provide benefits to approximately 150 million Americans. As agency head, Assistant Secretary Borzi oversaw the administration, regulation and enforcement of Title I of ERISA.
Among her other duties as Assistant Secretary of Labor, she represented the Department of Labor in overseeing
implementation...2024-08-1548 min
The Stage ShowRay Lawler and 'The Doll' forever changed Australian theatreThe Australian playwright Ray Lawler has died at the age of 103. Lawler wrote Summer of the Seventeenth Doll, which spurred a growing movement of artists telling Australian stories in Australian voices on the mainstage. To pay tribute to Ray Lawler, we're joined by theatre legends Robyn Nevin and Neil Armfield and we hear interviews with Ray from the ABC archives.Also, the musical Wicked will soon celebrate one year on stage in Australia. Ahead of their transfer to Brisbane, Sheridan Adams (Elphaba) and Courtney Monsma (Glinda) perform for us. And we meet two British actors who staged...2024-08-0654 minNevin & 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 minRetiring Minds - Their Next Chapter(s)Season 1, Episode 1: Charlie NelsonOne of the retirement industry’s most innovative leaders, Nelson led not one, but two major retirement companies,
Voya and Great-West Life.
As the Vice Chairman and Chief Growth Officer at Voya Financial, he supported the shape of Voya’s growth strategy, both organic and inorganic, including a robust customer segmentation strategy to align solutions to specific customer and market needs. As CEO of
Retirement & Employee Benefits at Voya, he led all aspects of the retirement and employee benefits businesses, representing more than 12 million participants and employee benefit policy holders. He began his career with Great-West Life (now Em...2024-07-2330 min
The 401(k) Marketing PodcastRetirement Income Solutions with Nevin Adams (Ep.42)In this episode, Rebecca is honored to welcome Nevin Adams, a legendary figure in the retirement planning industry. With a career spanning nearly five decades, Nevin has played a pivotal role in shaping the landscape of retirement plans. His wealth of experience and knowledge is undeniable as he shares his insights and future projections.
Dive into the transformative impact of target date funds, the advent of automatic enrollment, and the challenges with retirement income solutions as Rebecca and Nevin discuss:
How target date funds have simplified the investment process for 401(k) participants
Why automatic enrollment could...2024-07-1530 minNevin & 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 minNevin & FredSeason 4, Episode 8: Forfeitures, Managed Accounts and a "New" Fiduciary Rule ChallengeIn this episode, Nevin & Fred discuss new lawsuits regarding fiduciary breaches on the use of plan
forfeitures, a managed account default – and the Labor Department’s new fiduciary rule.
In late May a motion to dismiss the suit in one of the half-dozen (and counting) suits challenging the use of plan
forfeitures to reduce employer contributions was itself dismissed, with a federal judge deciding that the plaintiffs had made a plausible case to proceed.
Also in late May, participant-plaintiff Debra Hanigan claimed that the plan fiduciaries of the $5.1 billion Bechtel Trust and Thrift Plan “breached their f...2024-06-1833 minNevin & 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
High Impact Man PodcastEpisode 112 - Ansel Adams The Big PictureWHERE I'M FROM:Name is Kaleb East (F3 Ansel Adams) from Cumming, GA. I am a photographer/ videographer. I currently work in the commercial real estate industry shooting images and producing real estate videos for big industrial warehouses, retail spaces, office spaces and land. In 2020, I decided to pick up running for the first time, because there was nothing else to do; COVID shut everything down. I was feeling stressed and depressed due to my job at the time and gained a bunch of weight.2024-05-0652 minHigh Impact Man PodcastEpisode 112- Ansal Adam the Big PictureWHERE I'M FROM:Name is Kaleb East (F3 Ansel Adams) from Cumming, GA. I am a photographer/ videographer. I currently work in the commercial real estate industry shooting images and producing real estate videos for big industrial warehouses, retail spaces, office spaces and land. In 2020, I decided to pick up running for the first time, because there was nothing else to do; COVID shut everything down. I was feeling stressed and depressed due to my job at the time and gained a bunch of weight.2024-05-0654 minNevin & 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 minNevin & 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
Be More Than A FiduciaryNevin Adams: Is Nevin Retired or Not?Before Nevin Adams had “retired”, he was the Chief of Content Officer for the American Retirement Association, where he is responsible for all marketing and communications for the organization, as well as its sister organizations, ASPPA, the American Society of Pension Professionals and Actuaries, the National Association of Plan Advisors (NAPA), the ASPPA College of Pension Actuaries (ACOPA), and the National Tax Sheltered Accounts Association (NTSA). He is still writing, speaking, and trying to help Americans have a successful and satisfying retirement just like his. In this episode, Eric and Nev...2024-05-0131 minNevin & 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
401(k) Specialist PodcastPreviewing the 2024 NAPA 401(k) Summit with Nevin Adams and John SullivanThe workplace retirement plan industry’s premiere event is just days away, with top professionals set to descend upon Nashville April 7-9 for the 2024 NAPA 401(k) Summit.We get a preview of the big event from two of the key people in charge of putting it together in Nevin Adams and John Sullivan, the former and current Chief Content Officers for the American Retirement Association.In addition to highlighting some of the topics and key must-see sessions scheduled for the event, we’ll check in with Nevin about his “gradual retirement” and John about how he’s fit...2024-03-1816 minNevin & 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
Savvy With Faith TeopeExposure in Action Did you take a personal finance class during your school years? Do you feel confident about finances as a result? Probably not and you wouldn't be alone. In this episode we bring in former Head of Retirement Research, Nevin Adams, to expose the statistics with his perspective on why those classes do not work well, plus a clue as to what could be our game-changer for financial education.2024-02-1422 minNevin & FredSeason 4, Episode 2: Glidepaths and “Guide” PathsAnother 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 this episode, Nevin & Fred discuss those outcomes, the issue of TDF glidepaths generally, and the possibilities—and complexities—with a managed account solution, and what
they should include t...2024-02-0224 minNevin & 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 minNevin & 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 minNevin & FredSeason 3, Episode 14: Nevin & Fred Focus on ERISA 403(b)s – LitigationAt 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(k) plans – but with some unique twists as well. That’s right, we closed out the 2023 NAPA/NTSA ERISA 403(b) conference with a live session joined by the inimitable Kelly Famiglietta and discussed:
Yale Prevails - and a f...2023-11-2114 minNevin & FredSeason 3, Episode 13: Focus on ERISA 403(b)
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.
2023-11-0240 minNevin & 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 minNevin & 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 minNevin & 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 minNevin & FredSeason 3, Episode 9 - Reenrollment: If At First You Don't "Succeed"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 another opportunity to do so. The increase in participation rates proves the success.
2023-08-0227 minNevin & 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
Lala Land with LexPalm Reading, Kylie Jenner's Cottage Core Era, and Ash's Radical Mormon Upbringing Ft. Ash AdamsMeet palm reader, MILF, and TikTok queen, Ash Adams. We get into the Titanic Submarine, Ash's radical Mormon upbringing, Kylie Jenner's cottage core era, and Ben Affleck's abs. This conversation flows all over the place in the best way. We finish it out talking about Ash's tips on healing her eating disorder. Follow Ash on TikTok: @ashieadamsFollow Lex on Instagram: @lexnevinShop Dressed in Lala: dressedinlala.com2023-06-281h 41Nevin & 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 minNevin & FredSeason 3, Episode 6 - An "Obstacles" Course in Retirement IncomeThere’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...
2023-05-1639 minNevin & FredSeason 3, Episode 5: Nevin & Fred Live and In Person – Part 2On 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. 2023-04-2526 minNevin & 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 minNevin & 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.2023-04-1726 minNevin & FredA Changing Recordkeeper ChecklistThere 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. 2023-03-2724 minNevin & Fred“Plausible” Denials – New Twists & Turns in ERISA LitigationOver 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 at the new litigation landscape for ERISA plans, as well as providing updates on a series of suits involving the BlackRock LifePath target-date funds, as well as a surprising decision regarding rollovers and the fiduci...2023-03-0732 minNevin & 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 minNevin & 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 minNevin & Fred“May” Way? The New DOL ESG RegulationThe 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 arisen in the wake of the proposed regulation previously issued.
Episode Resources
Fiduciaries May, But Not Must Consider ESG: DOL: https://www.napa-net.org/news-info/daily-news/breaking-news-fiduciaries-may-not-must-consider-esg-dol
Prudence and Loyalty in Selecting Plan In...2022-12-0631 minNevin & FredTargeting Target Date Funds?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 & Fred look at the issues raised by - and the issues involved in - this new round of ERISA litigation.
Episode Resources
Home Depot Hammers Back Excessive Fee Suit https://www.napa-net.org/news-info/daily-news/home-depot-hammers-back-excessive-fee-suit...2022-10-2428 minNevin & 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-missteps2022-09-2129 minNevin & 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 minNevin & FredNew Role(s) With RolloversThe 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 warrant rolling money out of a qualified plan and into an IRA – and the “new” requirement that the justification as to why that move is in the interests of the plan participant – and be in writing, effective July 1.
Episode Re...2022-06-0729 minNevin & Fred7 Things ERISA Fiduciaries Should KnowWhen 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://www.napa-net.org/news-info/daily-news/7-things-every-erisa-fiduciary-should-know2022-05-1938 min
Fantasy Baseball from Prospect361.com972 - Hot Prospect of the Week (Week 3)Rich breaks down the following 17 players1. Tyler Nevin (Bal)2. Heliot Ramos (SF)3. Jameson Hannah (Col)4. Blake Perkins (NYY)5. Nelson Velasquez (CHC)6. Garrett Mitchell (Mil)7. Michael Busch (LAD)8. Joshua Mears (SD)9. Jordyn Adams (LAA)10. Henry Davis (Pit)11. Cesar Prieto (Bal)12. Pete Crow-Armstrong (CHC)13. Matthew Liberatore (Stl)14. Daniel Espino (Cle)15. George Kirby (Sea)16. Wilmer Flores (Det)17. Mick Abel (Phi)2022-04-2740 minNevin & FredNevin & Fred: LIVE! Part TwoIn 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-info/daily-news/dol-issues-big-caution-crypto
A Thumb on the Scale(s)? https://www.napa-net.org/news-info/daily-news/thumb-scales
Cold Water Thrown on Need for New Brokerage Window Guidance https://www.napa-net.org/news-info/daily-news/%E2%80%8Bcold-water-thrown-need-new-brokerage-window-guidance
Fred’s favorite case: https://www.napa...2022-04-1924 minNevin & FredNevin & Fred: LIVE! Part OneNevin & 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: https://www.napa-net.org/sites/napa-net.org/files/19-1401_m6io.pdf
SCOTUS Ponders Excessive Fee Case: https://www.napa-net.org/news-info/daily-news/scotus-ponders-excessive-fee-case
Nevin's Column that was cited by the DOL: https://plansponsorinstitute.blogspot.com/2009/02/winning-ways.html
2022-04-1227 min
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