Nevin Adams
By Nevin Adams 10/28/2019
A federal judge has approved a settlement of another of the 403(b) university excessive fee suits.
Chief Judge Waverly D. Crenshaw Jr. of the U.S. District Court for the Middle District of Tennessee has signed off (Cassell v. Vanderbilt, M.D. Tenn., No. 3:16-cv-02086, 10/22/19) on the $14.5...
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By Nevin Adams 10/9/2019
Morgan Stanley has fended off a participant suit that a federal judge described as “opportunistic Monday-morning quarterbacking on the part of lawyers.”
In Patterson v. Stanley (2019 BL 384508, S.D.N.Y., No. 1:16-cv-06568-RJS, 10/7/19), U.S. Circuit Judge Richard J. Sullivan, sitting by...
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By Nevin Adams 9/20/2019
The Treasury Department and IRS have published final regulations on hardship distribution options – and there are some changes, and clarifications, from the proposed version.
You’ll recall that the Bipartisan Budget Act of 2018 (BBA 2018) directed the Secretary of the Treasury to “modify §1.401(k...
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By Nevin Adams 9/17/2019
A lawsuit challenging California’s auto-IRA program for private sector workers just got the backing of the federal government.
Last month the Department of Justice asked a federal court to hold off ruling on a suit challenging California’s auto-IRA program for private sector workers.
The Case at...
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By Nevin Adams 9/9/2019
The excessive fee suit involving MIT has survived another round of summary judgment motions – and is headed to trial – but it will do so without testimony from Fidelity CEO Abby Johnson.
The plaintiffs in this case are five employees of Massachusetts Institute of Technology (MIT) and participants...
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By Nevin Adams 8/28/2019
A former recordkeeper employee has been sentenced to four years in prison for stealing funds from dormant participant accounts.
United States Attorney William M. McSwain has announced that Scott Capps, 48, of Coatesville, PA was sentenced to 48 months’ incarceration, three years’ supervised...
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By Nevin Adams 8/21/2019
Right on schedule, the Department of Labor (DOL) has sent a proposed rule for electronic disclosures to retirement plan participants to the White House’s Office of Management and Budget.
The proposal, “Improving Effectiveness of and Reducing the Cost of Furnishing Required Notices and...
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By Nevin Adams 8/7/2019
When it comes to ERISA litigation, we often only get to hear one side of the story – the plaintiffs’. But one of the defendants in an excessive fee case is fighting back.
The plaintiffs in this case are five employees of the Massachusetts Institute of Technology (MIT) and participants in the MIT...
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By Nevin Adams 8/7/2019
While disputing allegations and denying liability, plan fiduciaries have announced the second largest monetary settlement to date regarding a university retirement plan.
This settlement – for $14,000,000 – involves the $4.3 billion Johns Hopkins University 403(b) Plan, a suit brought by the law...
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By Nevin Adams 8/6/2019
The Department of Justice has asked a federal court to hold off ruling on a suit challenging California’s auto-IRA program for private sector workers.
The suit in question is a challenge by the Howard Jarvis Taxpayers Association, claiming that the California Secure Choice Retirement Savings Trust...
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By Nevin Adams 7/29/2019
The Department of Labor announced a final rule on July 29 that expands the availability of some multiple employer plans (MEPs) – and an RFI that seeks more information on “open” MEPs.
Acknowledging that Association Retirement Plans (ARPs) and MEPs exist now, the Labor Department notes that in...
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By Nevin Adams 7/29/2019
A court challenge to California’s CalSavers program has reemerged, claiming the state-run mandatory auto IRA program for private sector workers poses a significant financial risk to taxpayers.
The filing (titled somewhat unwieldly, “Plaintiffs’ opposition to Defendants’ motion to dismiss first...
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By Nevin Adams 7/23/2019
An excessive fee suit has been dismissed on relatively unique grounds.
This suit (Stanley v. George Washington Univ., 2019 BL 259889, D.D.C., No. 1:18-cv-00878-JDB, 7/15/19) – another of the suits filed against university 403(b) plans – claims that the fiduciaries of George Washington University’s...
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By Nevin Adams 7/23/2019
When it comes to ERISA litigation, we often only get to hear one side of the story – the plaintiffs’. But one of the defendants in an excessive fee case is fighting back.
The plaintiffs in this case are five employees of the Massachusetts Institute of Technology (MIT) and participants in the MIT...
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By Nevin Adams 7/23/2019
A key university 403(b) suit remains alive, as the fiduciary defendants lost their bid to have a rehearing of the case rejected.
The case – one of the first of the university 403(b) suits filed in 2016 – and brought by participants in the $3.8 billion University of Pennsylvania Matching Plan...
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By Nevin Adams 7/19/2019
While there’s likely a rocky confirmation road ahead, President Trump has announced (via tweet) his choice as the next Secretary of Labor.
“I am pleased to announce that it is my intention to nominate Gene Scalia as the new Secretary of Labor,” Trump tweeted Thursday evening. “Gene has led a...
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By Nevin Adams 6/3/2019
There’s that old caution about being a day late, and a dollar short – well, the plaintiffs in an excessive fee suit were two days late – and missed a key date.
The plaintiffs here were participants in the Georgetown University 403(b) plan – who had been soundly rebuffed in January by U.S. District...
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By Nevin Adams 5/20/2019
Mothers give us a lot, not the least of which is life itself. But as I was reading through all the accolades on social media over the weekend, I couldn’t help but be reminded of all my mother gave me.
As is the case in many families, “Mom” was our family’s CFO. See, like many in his generation, my...
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By Nevin Adams 5/3/2019
The plaintiffs in an excessive fee case have managed to keep their case alive on appeal – in a case that also has an intriguing dissenting opinion.
The suit was not only one of the first of the university 403(b) excessive fee suits to be filed, the district court decision, in favor of the...
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By Nevin Adams 4/26/2019
After extensive litigation, lengthy discovery, and protracted arm’s-length negotiations with the assistance of a national mediator, the parties in an excessive fee suit have announced the terms of their settlement agreement – and once again, it's about more than lost money.
Specifically,...
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