Nevin E. Adams

The Department of Labor has rolled out a new prohibited transaction exemption for offering investment advice, and some good news on rollover advice—but it may be short-lived. Less than 24 hours after the release from review by the Office of Management and Budget, the DOL has unwrapped a new... READ MORE

One of the first university 403(b) suits—one in which plan fiduciaries prevailed at the lower court, lost on appeal, and failed to gain a review by the Supreme Court—has settled. The suit was filed in 2016—brought by participants in the $3.8 billion University of Pennsylvania Matching Plan against... READ MORE

Thanksgiving has been called a “uniquely American” holiday—and so, even in a year in which there has been an unprecedented amount of disruption, stress, discomfort and loss—there remains so much for which to be thankful.  I’m thankful that so many employers (still) voluntarily choose to offer a... READ MORE

If you have turned on a TV, walked by a radio, driven down a residential street, or answered a phone (or more likely let it go unanswered) in the past month, you will, of course, be aware that our nation will officially go to the polls today.  Of course, our nation has been “going” to the polls—or... READ MORE

The nation’s highest court has sought the federal government’s input on a case that the law firm of Schlichter Bogard & Denton says is having a “chilling effect” on excessive fee litigation. Specifically, the U.S. Supreme Court has “invited” the Acting Solicitor General to “file a brief in... READ MORE

A month ago, the Labor Department unveiled an interim final rule on lifetime income disclosures on participant statements. Today the window for comments opens. Under the Interim Final Rule, retirement plans would provide lifetime income illustrations using prescribed assumptions designed, the DOL... READ MORE

With a rare jury trial looming, a university has settled claims in an excessive fee suit with plaintiffs represented by Schlichter Bogard & Denton. This time the settlement (Cunningham v. Cornell Univ., S.D.N.Y., No. 1:16-cv-06525, electronic minute entry 9/1/20) involves the fiduciaries of... READ MORE

Recently, a column in Roll Call titled “Biden retirement proposal would upend traditional 401(k) plans” claimed that the plan would “equalize” the incentives in 401(k) by ending such deductions and replacing them with flat tax credits for each dollar saved. That was, in turn, picked up by Forbes... READ MORE

In the latest of a series of regulatory announcements, updates and proposals, the Department of Labor (DOL) has unveiled an Interim Final Rule on lifetime income disclosures under the SECURE Act. Under the Interim Final Rule, retirement plans would provide lifetime income illustrations using... READ MORE