Nevin & Fred

Some 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 Security TipsOnline Security Tips - U.S. Department of LaborTitle: Online Security Tips Author: Employee Benefits Security Administration, United States Department of Labor Subject: Tips to reduce the risk of fraud and loss to your retirement account by maintaining online access, using strong passwords, enabling multi-factor authentication, and protecting against phishing attacks.www.dol.gov

Nevin (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).In part 2, the pugnacious pair presciently pontificated on:      - What to make/do about the recent surge in litigation regarding plan forfeitures;    - What to consider in light of recent developmentsregarding private investments in defined contribution plans;    - The implications of/for proxy voting by definedcontribution plans in the aftermath of recent litigation regarding American Airlines.Episode ResourcesForfeituresForfeiture Litigation Update Impact of Forfeiture Lawsuits on Plan SponsorsAlternative/Private Investment TrendsThe Growing Case for Alternatives in Retirement Saving: NAPA 401(k) SummitHow Advisors REALLY Feel About Private Markets Investments in 401(k)sProxy Voting How Fiduciaries Can/Should Fulfill Proxy Voting Responsibilities: HauserTrump-led DOL to Address ESG Rule Through Rulemaking Process

Nevin (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 clarifies his prediction on PEPs (but he's still a fan).And that's just Part 1! Episode Resources Burden of Proof RulingSupremes Back Cornell Plaintiffs in ERISA Burden of ProofStandardOral arguments in the case:  Supremes Hear ERISA Burden of Proof CaseThe Cornell University Litigation “Saga”  https://www.napa-net.org/header/search/?q=cornellERISA Jury TrialsJury Slaps Pentegra with $39 Million in Damages in MEPExcessive Fee SuitFidelity Wins Motion on Jury DemandPEP PerspectivesNevin & Fred: Could a Predominant PEPs Prediction ProvePositive?PEPs Will Match Single Employer Plan Adoption in 5 to 10 Years: Fred Reish

As 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 which PRT volumes have been setting records).  For those not familiar with the underpinnings of the pensionrisk transfer (PRT—because we need another acronym), IB 95-1, issued by the Department of Labor in 1995 (in the wake of the Executive Life collapse), outlines the fiduciary standards to be used in selecting an annuity provider for a pension risk transfer. That includes considerations of the provider's investment portfolio, size relative to the annuity contract, level of capital and surplus, liability exposure andavailability of state government guaranty associations.In 2024, and in accordance with the provisions of the SECURE2.0 Act of 2022, the Labor Department basically concluded that while it was open to, and still considering, potential updates to Interpretive Bulletin 95-1, it felt that that document “continues to identify broad factors that are relevant to a fiduciary's prudent and loyal evaluation of an annuity provider's claims-paying ability and creditworthiness.” Additionally, EBSA found it “desirable for guidance in this area to remain principles based.” In this episode, Nevin (Adams) and Fred (Reish) talk about the trends and issues here.  They also look at a new lawsuit that brings up an old issue—a recordkeeper's access toparticipants and alleged promotion of their offerings.  Episode Resources:Another Pension Plan Popped by Pension Risk SuitVerizon Pension Risk Transfer Challenged in CourtFiduciary Duty a Factor in Pension Risk TransfersNew ERISA Suit Alleges High Fees, Low Performance, Improper Forfeitures

A “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 through severalrounds of adjudication—and though winning, has had to keep going back to court.  But HP finally prevailed, and though the actions regarding the application of forfeitures were seen as fiduciary decisions—well, there was a bit of a “new” twist in how the judge viewed them.In this episode Nevin (Adams) & Fred (Reish) examine theissues and potential implications, as well as a quick review of some recent updates.Episode ResourcesSchlichter Targets Massive 401(k) Plan With Forfeiture Suit401(k) Fiduciaries Fend Off Forfeiture Reallocation SuitSome “new” News:DOL Pushes Pause on 401(k) Fiduciary Rule SuitsBreaking News: White House Nominates Next EBSA AssistantSecretarySupremes Hear ERISA Burden of Proof Case

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[i] with investment managers and investment funds that pursue leftist political agendas through environmental, social and governance (‘ESG') strategies, proxy voting, and shareholder activism—activities which fail to satisfy these fiduciaries' statutory duties to maximize financial benefits in the sole interest of the Plan participants.” And now—following a four-day bench trial during which there was “testimony from multiple witnesses and examined numerous exhibits,” a review of the record in its entirety and where the Court “has observed the witnesses to assess their credibility and weigh their testimony”—that same Judge O'Connor has now determined what appears to be an unusual divergence.  So, what's going on with this case, and what does/should it mean for retirement plan fiduciaries?  Nevin (Adams) and Fred (Reish) discuss.   Episode Resources: Judge Says American Airlines 401(k) Fiduciaries ‘Blinded' by ESG Focus

With 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-points-an-unintended-consequence/ 4 Things You Need to Know About Default Funds https://www.napa-net.org/news/2019/2/4-things-you-need-know-about-default-funds/ How to SECURE 'Better' Retirements  https://www.napa-net.org/news/2024/6/talking-points-how-secure-better-retirements/ Myth Understandings  https://www.napa-net.org/news/2019/2/myth-understandings/

It'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 the default investment fund.   And then, there's the so-called fiduciary rule (also known as the Retirement Security rule).  Even if (and it's still an “if”) it's allowed to languish, there are still standards of care with regard to rollovers. There are also some “nice” things in SECURE 2.0 with regard to the ability to fix things you don't get right the first time. In this engaging episode, Nevin (Adams) & Fred (Reish) will help you make sure your list is complete —and that you don't wind up on the “naughty” list. P.S.  Oh, and Fred Reish has gotten some AI assistance in composing a song about retirement (lyrics below)!   Episode Resources: A Country and Western Retirement lyrics:  https://fredreish.com/the-last-rodeo/ Things I Worry About: SECURE 2.0 automatic enrollment requirements https://fredreish.com/things-i-worry-about-2-automatic-enrollment/ How automatic enrollment requirements will be applied:  https://fredreish.com/things-i-worry-about-2-automatic-enrollment/ Automatic Enrollment corrections:  https://fredreish.com/things-i-worry-about-3-automatic-enrollment-3/ The SEC Requirements for Rollover Recommendations  https://fredreish.com/best-interest-standard-of-care-for-advisors-97/ Staff Bulletin: Standards of Conduct for Broker-Dealers and Investment Advisers Account Recommendations for Retail Investors  https://www.sec.gov/about/divisions-offices/division-trading-markets/broker-dealers/staff-bulletin-standards-conduct-broker-dealers-investment-advisers-account-recommendations-retail IRS Issues Guidance on Expansion of EPCRS  https://www.napa-net.org/news/2023/5/irs-issues-guidance-expansion-epcrs/ How to Correct Enrollment Errors for Long-Term, Part-Time Employees  https://www.napa-net.org/news/2023/12/how-correct-enrollment-errors-long-term-part-time-employees/ IRS Releases Q&A Guidance on Key SECURE 2.0 Provisions  https://www.napa-net.org/news/2023/12/breaking-irs-releases-qa-guidance-key-secure-20-provisions/

On 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. Things I Worry About: Automatic Enrollment (1)  https://fredreish.com/things-i-worry-about-automatic-enrollment-1/ Nevin & Fred: Forfeiture Litigation, Meeting Minutes and More  https://www.napa-net.org/news/2024/10/nevin--fred-forfeitures-meeting-minutes-and-more/ What Expenses Can Be Paid from Plan Assets?  7 Steps to Reduce Fiduciary Exposure   DOL Successfully Sues Employer for Misuse of Forfeitures   Limiting Fiduciary Liability (Costs)   IRS Proposes Regs to Clarify Timing and Use of Forfeitures   Expert Opinions   The Forfeiture Suits to Date  

In 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 committee meeting minutes! Episode Resources What Expenses Can Be Paid from Plan Assets?  https://www.asppa-net.org/news/2018/10/what-expenses-can-be-paid-plan-assets/ 7 Steps To Reduce Fiduciary Exposure  https://www.napa-net.org/news/2019/2/7-steps-reduce-fiduciary-exposure/ New Fiduciary Suits, TDF Demographics and a Prudent Process Primer  https://www.napa-net.org/news/2024/4/new-fiduciary-suits-tdf-demographics-and-prudent-process-primer/ Litigation Landscape Some 'Wins,' Some Losses and a New Litigation Target  https://www.napa-net.org/news/2023/11/litigation-landscapesome-wins-some-losses-and-new-litigation-target/ DOL Successfully Sues Employer for Misuse of Forfeitures  https://www.napa-net.org/news/2024/1/dol-successfully-sues-employer-misuse-forfeitures/ Limiting Fiduciary Liability (Costs)  https://www.napa-net.org/news/2021/8/limiting-fiduciary-liability-costs/ IRS Proposes Regs to Clarify Timing and Use of Forfeitures  https://www.napa-net.org/news/2023/2/irs-proposes-regs-clarify-timing-and-use-forfeitures/ Expert Opinions  https://www.napa-net.org/news/2019/2/expert-opinions/ The forfeiture suits to date.  https://www.napa-net.org/header/search/?q=forfeitures ERISA Advisory Council testimony by:  Bonnie Treichel - https://www.dol.gov/sites/dolgov/files/ebsa/about-ebsa/about-us/erisa-advisory-council/2024-qdia-treichel-written-statement-07-10.pdf Tom Clark:  https://www.dol.gov/sites/dolgov/files/ebsa/about-ebsa/about-us/erisa-advisory-council/2024-qdia-clark-written-statement-07-10.pdf

The 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 breach in the use of forfeitures to offset employer contributions is increasing—and most recently those charges have been appended to the more “traditional” excessive fee suits.  That, and a couple of the original group have now gotten past the motion to dismiss.      In light of those trends, what should plan fiduciaries do?  In this podcast episode, Nevin & Fred will discuss the trends, the issues, the implications, and some next steps. Episode Resources: Staff Bulletin: Standards of Conduct for Broker-Dealers and Investment Advisers Account Recommendations for Retail Investors  https://www.sec.gov/tm/iabd-staff-bulletin Fiduciary Rule Federal Judge Slams Brakes on Fiduciary Rule  https://www.napa-net.org/news-info/daily-news/breaking-news-federal-judge-slams-brakes-fiduciary-rule Another Federal Court Slams Fiduciary Rule  https://www.napa-net.org/news-info/daily-news/another-federal-court-slams-fiduciary-rule Department of Labor Releases Final Investment Advice Fiduciary Rule  https://www.napa-net.org/news-info/daily-news/breaking-department-labor-releases-final-investment-advice-fiduciary-rule Forfeiture Reallocation Litigation Major Forfeiture Fiduciary Breach Suit Gets Green Light https://www.napa-net.org/news-info/daily-news/major-forfeiture-fiduciary-breach-suit-gets-green-light Another Excessive Fee Suit (Also) Claims Forfeiture Use a Fiduciary Breach  https://www.napa-net.org/news-info/daily-news/another-excessive-fee-suit-also-claims-forfeiture-use-fiduciary-breach Nordstrom Nailed With Massive Allegations in 401(k) Fiduciary Breach Suit https://www.napa-net.org/news-info/daily-news/nordstrom-nailed-massive-allegations-401k-fiduciary-breach-suit Future Live Appearances: Strategic Retirement Partners:  https://www.srpretire.com/ ASPPA Annual:  https://asppaannual.org/ NAPA 401(k) Summit:  https://napasummit.org 

With 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 whether Congress has directly spoken to the precise question at issue—specifically how the regulation is to be administered/applied—and if so, the court "must give effect to the unambiguously expressed intent of Congress and reverse an agency's interpretation that fails to conform to the statutory text.” And then, if the statute is ambiguous, the court “may not disturb an agency rule unless it is, 'arbitrary or capricious in substance, or manifestly contrary to the statute.'” Under the new Supreme Court decision, those administrative agency perspectives can, but do not have to, be considered in deciding the case. In sum, courts will no longer be required to defer to the judgement of the regulatory agencies in terms of applying/interpreting ambiguous laws.

The 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 this episode we also talk about some of the big defined contribution plan trends captured in Vanguard's annual How America Saves report—things like the growth of automatic savings features; higher participation and savings rates; expansion of Roth availability; and trends in target-date funds, advice and managed accounts. If you're looking to know what's going on—and what's coming up—you won't want to miss this episode of Nevin & Fred!

In 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 fiduciary duty of prudence to Plaintiff and other Plan participants, causing tens of millions of dollars of harm to Plaintiff and Class Member's retirement accounts” – by defaulting participant investments into a managed account option that she claimed was nothing more than an expensive target-date fund. And then in late April, the Labor Department's new Retirement Security Rule (generally referred to as the fiduciary rule) got its first challenge in Federal Court.  Claiming that the rule was “contrary to law and arbitrary and capricious,” the suit seeks “preliminary and permanent injunctive relief to prevent the DOL from attempting to enforce these unlawful rules and regulations.”  Whew!

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 (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 2020-02, How the five-part test has changed, The implications of the so-called “Hire Me” exception, What changes to the “regular basis” criteria mean to the “drive-by” plan sale to plan sponsors.

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 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 Advisors (napa-net.org) Not to mention some predilections and predictions about the pending popularity and proclivities of pooled employer plans (PEPs).  PEPs Will Match Single Employer Plan Adoption in 5 to 10 Years: Fred | National Association of Plan Advisors (napa-net.org)

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 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.

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, regardless of what you think about that premise, the reality is that we didn't, and that might well change the outcome—or will it? In this episode Nevin & Fred will talk about PEPs' prospects, the possibilities, the potential problems, and more.

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 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 very different) cases because they had prudent, documented rocesses in place: Prudent Process Prevails (Again) in Proprietary Fund Suit | National Association of Plan Advisors (napa-net.org) Breaking News: flexPATH Prevails in Suit Brought by Schlichter | National Association of Plan Advisors (napa-net.org) (4) Participant suit challenging ESG “bias” of investment manager proxy voting clears motion to dismiss American Airlines Pilot's 401(k) ESG Suit Clears Motion to Dismiss | National Association of Plan Advisors (napa-net.org) UPDATE:  American Airlines Moves (Quickly) for Summary Judgment in ESG 401(k) Suit | National Association of Plan Advisors (napa-net.org)   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 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 very different) cases because they had prudent, documented processes in place> Prudent Process Prevails (Again) in Proprietary Fund Suit | National Association of Plan Advisors (napa-net.org) Breaking News: flexPATH Prevails in Suit Brought by Schlichter | National Association of Plan Advisors (napa-net.org) (4) Participant suit challenging ESG “bias” of investment manager proxy voting clears motion to dismiss American Airlines Pilot's 401(k) ESG Suit Clears Motion to Dismiss | National Association of Plan Advisors (napa-net.org) UPDATE:  American Airlines Moves (Quickly) for Summary Judgment in ESG 401(k) Suit | National Association of Plan Advisors (napa-net.org)  

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 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 to be more than “just an expensive target-date fund.”

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 filed against Intuit, less than two weeks after filing an identical action against the Thermo Fisher Scientific Inc. 401(k) Retirement Plan. This suit, filed in the Northern District of California, acknowledges that “the Plan provides that forfeited nonvested accounts may be used to pay Plan administrative expenses or reduce future Company matching contributions.” Its language mirrors almost exactly three other such suits filed in either the Northern or Southern districts in California, including Clorox, Qualcomm and HP, all of which operated with plan documents that permitted—but did not require—that offset.   

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 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, and what obstacles lie between that proposal and its ultimate adoption.  EXCLUSIVE Interview on the DOL's Retirement Security Rule with EBSA's Tim Hauser  https://www.napa-net.org/news-info/daily-news/exclusive-interview-dol%E2%80%99s-retirement-security-rule-ebsa%E2%80%99s-tim-hauser  Breaking: Biden Administration Previews Fiduciary Rule Rollout  https://www.napa-net.org/news-info/daily-news/breaking-biden-administration-previews-fiduciary-rule-rollout  Fred Reish's blog posts on different aspects of the DOL proposal:  https://fredreish.com/category/fiduciary/   Links to the proposed guidance, as well as the proposed PTE amendments are below:  Proposed Retirement Security Rule  Proposed Amendment to PTE 2020–02  Proposed Amendment to PTE 84–24  Proposed Amendment to PTEs 75–1, 77–4, 80–83, 83–1, and 86–128 

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(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 first-ever jury trial  - but at what cost? https://www.napa-net.org/news-info/daily-news/yale-prevails-403b-excessive-fee-suit    Northwestern University – and the implications for a “plausible” case https://www.napa-net.org/news-info/daily-news/northwestern-excessive-fee-defendants-win-some-lose-some  Fred's favorite case (NYU v. Sacerote) – and why.  https://www.napa-net.org/news-info/daily-news/expert-opinions 

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 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 fiduciaries within the meaning of section 3(21) of ERISA and section 4975(e)(3) of the Internal Revenue Code." As part of that, it purports to consider advisor practices, plan sponsor and participant expectations, and IRA owners who receive investment advice. It would also consider “developments in the investment marketplace,” including compensation structures that could expose advisors to conflicts of interest – and evaluate available prohibited transaction class exemptions and propose amendments or new exemptions. Attempts to update the regulation – given foundation by the Employee Retirement Income Security Act of 1974 (a.k.a. ERISA) and structure by regulations issued in 1975 (from which the 5-part test came) – are not new.  No fewer than four attempts to do so have been made in the past decade across three Administrations. In this episode, Nevin & Fred look at those developments – both where we've been (and why), what's changed (and hasn't), and what the future for this latest iteration and its potential import might be.  Episode Resources: Breaking News: New Fiduciary Rule Sent to OMB by Department of Labor  https://www.napa-net.org/news-info/daily-news/breaking-news-new-fiduciary-rule-sent-omb-department-labor Court Rolls Back Rollover Rule in 401(k) Fiduciary FAQ Fight  https://www.napa-net.org/news-info/daily-news/court-rolls-back-rollover-rule-401k-fiduciary-faq-fight Rollovers, Regular Basis Focus of DOL Guidance  https://www.napa-net.org/news-info/daily-news/rollovers-regular-basis-focus-dol-guidance DOL Confirms Investment Advice PTE  https://www.napa-net.org/news-info/daily-news/dol-confirms-investment-advice-pte DOL Unwraps New Fiduciary Standard as a PTE  https://www.napa-net.org/news-info/daily-news/dol-unwraps-new-fiduciary-standard-pte

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 funds influenced by ESG bias.  https://www.napa-net.org/news-info/daily-news/breaking-news-irs-grants-two-year-delay-roth-catch-requirements Labor Department drops off new fiduciary rule at OMB for evaluation.  https://www.napa-net.org/news-info/daily-news/breaking-news-new-fiduciary-rule-sent-omb-department-labor

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 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 retirement plans – most recently one brought by an American Airlines pilot-participant regarding investment options in that plan's 401(k). However, American Airlines has moved to dismiss that suit – on interesting grounds.  Come check it out!

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. 

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 suits where fiduciaries were accused of "chasing" low fees.

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, 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.” 

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 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 partners. A new industry acronym! Episode Resources:  The What's and When's of SECURE 2.0:  https://www.napa-net.org/news-info/daily-news/what%E2%80%99s-and-when%E2%80%99s-secure-20 SECURE 2.0  https://www.napa-net.org/secure-20 The Most Impactful Provisions:  https://fredreish.com/category/secure-2-0/

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 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 fiduciary rule – and a flurry of legislation regarding the Labor Department's Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights” – a.k.a. the so-called ”ESG rule.” Oshkosh Lays Down a New Standard Gosh! Oshkosh Wins Dismissal of Excessive Fee Suit https://www.napa-net.org/news-info/daily-news/gosh-oshkosh-wins-dismissal-excessive-fee-suit BlackRock TDFs Another BlackRock TDF Suit Dismissed https://www.napa-net.org/news-info/daily-news/another-blackrock-tdf-suit-dismissed Rollover Rule(s) Court Rolls Back Rollover Rule in 401(k) Fiduciary FAQ Fight https://www.napa-net.org/news-info/daily-news/court-rolls-back-rollover-rule-401k-fiduciary-faq-fight ESG Excerpts from ARA CEO Brian Graff's interview with EBSA's Tim Hauser. https://www.napa-net.org/search/site/hauser Participants Challenge ESG Rule in Different Venue https://www.napa-net.org/news-info/daily-news/participants-challenge-esg-rule-different-venue

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 Resources The What's and When's of SECURE 2.0 https://www.napa-net.org/news-info/daily-news/what%E2%80%99s-and-when%E2%80%99s-secure-20 Key SECURE 2.0 Act Provisions and Effective Dates https://www.napa-net.org/news-info/key-secure-20-act-provisions-and-effective-dates Major SECURE 2.0 Error Puts Catch-Ups in Jeopardy https://www.napa-net.org/news-info/daily-news/major-secure-20-error-puts-catch-ups-jeopardy-ara%E2%80%99s-graff

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. 2617), builds on the foundation laid by the 2019 Setting Every Community Up for Retirement Enhancement (SECURE) Act to further improve upon the success of the private employer-based retirement system by making it easier for businesses to offer retirement plans and for individuals to save for retirement. https://www.napa-net.org/secure-20 The 10 Highest Impact Provisions of the SECURE 2.0 Act There are 92 provisions in the new SECURE 2.0 Act—and by at least one assessment, they are “almost universally good, with ‘good' being defined as ‘helpful to the cause of promoting retirement security.'” Group Plan Systems' Pete Swisher and Cherisha Chapman rank the Top 10 Impact Provisions—and Top 5 new burdens. https://www.napa-net.org/news-info/daily-news/10-highest-impact-provisions-secure-20-act It's Official: SECURE 2.0 Enacted into Law Capping off months of anticipation and hard work, the SECURE 2.0 Act of 2022 is now law, thanks to President Biden signing the legislation Dec. 29 after it was flown down to him while on vacation in St. Croix, U.S. Virgin Islands. https://www.napa-net.org/news-info/daily-news/it%E2%80%99s-official-secure-20-enacted-law

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 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 Investments and Exercising Shareholder Rights It's Official: Final ESG Reg Published in the Federal Register: https://www.napa-net.org/news-info/daily-news/it%E2%80%99s-official-final-esg-reg-published-federal-register

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 ARA Joins Amicus Brief Rebuffing BlackRock TDF Suit https://www.napa-net.org/news-info/daily-news/ara-joins-amicus-brief-rebuffing-blackrock-tdf-suit ‘Damned' (Even) If You Do https://www.napa-net.org/news-info/daily-news/damned-even-if-you-do Shah Miller Targets (Yet) Another 401(k) with BlackRock TDF https://www.napa-net.org/news-info/daily-news/shah-miller-targets-yet-another-401k-blackrock-tdf

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-plan-committee-members-need-know https://www.napa-net.org/news-info/daily-news/5-plan-committee-missteps

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 Guidance https://www.napa-net.org/news-info/daily-news/morningstar-urges-dol-revisit-tdf-guidance

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-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-committee-approves-rise-shine-act House Advances SECURE 2.0 in Nearly Unanimous Vote https://www.napa-net.org/news-info/daily-news/house-advances-secure-20-nearly-unanimous-vote

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 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 Resources Best Interest Standard of Care for Advisors #92: Consideration of Costs in the Evaluation of Rollovers: https://fredreish.com/best-interest-standard-of-care-for-advisors-92/ Best Interest Standard of Care for Advisors #89: Rollovers and the Information That Is Needed About the Participant: https://fredreish.com/best-interest-standard-of-care-for-advisors-89/ Best Interest Standard of Care for Advisors #84: Compliance with PTE 2020-02: Special Issues: Monitoring: https://fredreish.com/best-interest-standard-of-care-for-advisors-84/ DOL Official Sheds Light on Rollover Recommendations: https://www.napa-net.org/news-info/daily-news/dol-official-sheds-light-rollover-recommendations Rollovers, Regular Basis Focus of DOL Guidance: https://www.napa-net.org/news-info/daily-news/rollovers-regular-basis-focus-dol-guidance DOL Delays Enforcement of Fiduciary Investment Advice Exemption: https://www.napa-net.org/news-info/daily-news/dol-delays-enforcement-fiduciary-investment-advice-exemption-0

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://www.napa-net.org/news-info/daily-news/7-things-every-erisa-fiduciary-should-know

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-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-net.org/news-info/daily-news/nyu-excessive-fee-suit-gets-failing-grade Fred's fiduciary training powerpoint slides about Fred's favorite case: https://img1.wsimg.com/blobby/go/f197dd2b-b8f0-4392-acf5-dfc33e2bd3c2/Fred%20Fiduciary%20Training.pdf Nevin's column about Fred's favorite case: Expert Opinions https://www.napa-net.org/news-info/daily-news/expert-opinions

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: 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 Nevin's Column about being cited by the DOL (because, why not?): https://plansponsorinstitute.blogspot.com/2009/04/second-opinion.html Fred's article in PLANSPONSOR (edited by Nevin) cited by the Schlichter Bogard & Denton-backed plaintiffs in the original Hughes case (page 23): https://www.napa-net.org/sites/napa-net.org/files/uploads/Divane-v.-Northwestern.pdf

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 contribution plans in 2020 which, in turn follows a new proposal on ESG, and some commentary on self-directed brokerage accounts (SDBAs). All that means that there is the potential for a bit of “flux” with regard to some non-traditional DC plan investments. In this episode Nevin & Fred bat around the issues, the alternatives, and the potential consequences for plan fiduciaries! DOL Issues Big Caution on Crypto https://www.napa-net.org/news-info/daily-news/dol-issues-big-caution-crypto DOL Gives Green Light to Private Equity in TDFs https://www.napa-net.org/news-info/daily-news/dol-gives-green-light-private-equity-tdfs DOL Clarifies Guidance on Private Equity in 401(k) Plans https://www.napa-net.org/news-info/daily-news/dol-clarifies-guidance-private-equity-401k-plans Is There a Case for Alts in DC Plans? https://www.napa-net.org/news-info/daily-news/there-case-alts-dc-plans

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 out... 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 Summary of oral arguments: https://www.napa-net.org/sites/napa-net.org/files/scotus%20arguments%20summary.pdf Transcript of oral arguments: https://www.napa-net.org/sites/napa-net.org/files/SCOTUS%20arguments.pdf

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-info/daily-news/dol-delays-enforcement-fiduciary-investment-advice-exemption-0 DOL Proposal Would Reverse Trump ESG, Proxy Voting Rules: https://www.napa-net.org/news-info/daily-news/dol-proposal-would-reverse-trump-esg-proxy-voting-rules Resource Page on MEPs, PEPs, ad PPPs: https://www.napa-net.org/news-info/daily-news/resource-page-meps-peps-and-ppps-launches Are We Ready for Retirement Income?: https://www.napa-net.org/news-info/daily-news/are-we-ready-retirement-income

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/news-info/daily-news/three-scary-things-give-plan-sponsors-chills DOL Proposal Would Reverse Trump ESG, Proxy Voting Rules: https://www.napa-net.org/news-info/daily-news/dol-proposal-would-reverse-trump-esg-proxy-voting-rules The DOL Proposal: Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights ESG Investing Resource Page: https://www.napa-net.org/industry-intel/esg-investing

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 an idea for our next podcast? Visit NevinandFred.com to shoot us a note or DM us on Twitter, Instagram or Facebook. Follow us on Twitter: @nevin_fredpod Follow us on Instagram: @nevinfredpodcast Follow us on Facebook: @NevinAndFredPodcast