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Nevin E. Adams, JD

By Nevin E. Adams, JD | 4/9/2024
Last week, a new report claimed to find a big jump in a so-called “magic” number for retirement, based on what survey respondents said they thought they’d need. As though they’d know. It garnered quite a bit of coverage, including an article in The Wall Street Journal (and a comment from none... READ MORE
By Nevin E. Adams, JD | 4/5/2024
Well, here we are again at the end of yet another workweek …and the beginning of a new month…and yet, just look at what has happened to these guys and gals… 15 places in the U.S. that just lost their total solar eclipse — while Texas gained ...   Shop till you…drop?  Or maybe you just had a... READ MORE
By Nevin E. Adams, JD | 4/3/2024
This case, “yet another in a long list of cases challenging an employer’s conversion to a cash balance retirement plan under the Employee Retirement Income Security Act ('ERISA') …” and the particulars aren’t pretty. Former BP workers Fritz Guenther and Walt Fujimoto filed suit in 2016, alleging... READ MORE
By Nevin E. Adams, JD | 4/2/2024
I’m rarely at a loss for words, but I was recently asked a question that gave me …pause. It was a simple question really—John Sullivan and I were being interviewed on the 401(k) Specialist podcast—and Brian Anderson asked “which session are you most looking forward to at the NAPA 401(k) Summit?”... READ MORE
By Nevin E. Adams, JD | 4/2/2024
A suit that questioned the prudence of proprietary funds, as well as alleging excessive fees and poor performance in those selections, has been dismissed. The suit was brought by one Judy Lalonde, a former employee of Defendant Massachusetts Mutual Insurance Company on behalf of herself and a... READ MORE
By Nevin E. Adams, JD | 4/2/2024
Yet another national employer has been slapped with a suit alleging a fiduciary breach in their disposition of forfeitures. More specifically, the suit (Prattico v. Mattel, Inc., C.D. Cal., No. 2:24-cv-02624, complaint 4/1/24) argues that “by failing to use forfeited funds in the Plan to eliminate... READ MORE
By Nevin E. Adams, JD | 4/1/2024
A suit alleging fiduciary breaches says that sustained underperformance and massive fund outflows provided signals that plan fiduciaries ignored. Manuel Esquivel, on behalf of the Whataburger 401(k) Savings Plan, claimed that defendants, Whataburger Restaurants LLC, the Board of Directors of... READ MORE
By Nevin E. Adams, JD | 3/29/2024
Well, here we are again at the end of yet another workweek … and yet, just look at what has happened to these guys and gals… Are your solar eclipse glasses safe or fake? Here's how to find out ... In Leeuwarden, Netherlands… a jailbreak…of eleven…of sorts ... In Tampa, Florida…tis the season… ... READ MORE
By Nevin E. Adams, JD | 3/27/2024
A suit that alleged a breach of fiduciary duty in the selection of proprietary funds that were said to be underperforming has been dismissed for failure to state a claim. The plan in question is the $1.5 billion, 5,500 participant AllianceBernstein 401(k) plan, and participant-plaintiffs Donald S... READ MORE
By Nevin E. Adams, JD | 3/26/2024
A recent “news” post about a blog post finds some curious “faults” with the 401(k). The news item carried the provocative title “‘Rich Dad’ Robert Kiyosaki Reveals Why the 401(k) Is a ‘Horrible’ Retirement Plan.” It originally ran on GoBankingRates.com, but was subsequently picked up in... READ MORE
By Nevin E. Adams, JD | 3/25/2024
Another suit filed against flexPATH by the law firm of Schlichter Bogard, LLP has been dismissed—with prejudice—though it seems to have turned more on good outcomes than prudent processes. This suit (Mills v. Molina Healthcare, Inc., C.D. Cal., No. 2:22-cv-01813, complaint 3/18/22) was filed by... READ MORE
By Nevin E. Adams, JD | 3/22/2024
Well, here we are again at the end of yet another workweek …and yet, just look at what has happened to these guys and gals… Historic covered bridges are under threat by truck drivers relying on GPS meant for cars. And we have the pictures to prove it...   A NEW study has identified that you are... READ MORE
By Nevin E. Adams, JD | 3/19/2024
An interesting—and somewhat counterintuitive—report came out last week, one that cast doubt on the “common wisdom” regarding Roth versus traditional pre-tax savings. The assumption underlying the research[i] was that those who had not yet paid taxes on their savings (the traditional pre-tax... READ MORE
By Nevin E. Adams, JD | 3/19/2024
March is coming in like a lion with a new “genre” of ERISA litigation. While it’s early yet, two—and now three—recent suits—filed by different law firms in different federal district courts—might be the first of a new wave of litigation. All focus on decisions to mitigate corporate risk exposure... READ MORE
By Nevin E. Adams, JD | 3/15/2024
Well, here we are again at the end of yet another workweek…and yet, just look at what has happened to these guys and gals… In Woodland Hills, California, they’re building a new walking bridge across some busy highways here…but you probably won’t be using it…  From somewhere in the UK, George... READ MORE
By Nevin E. Adams, JD | 3/14/2024
In a lengthy filing (109 pages), Yale University says the plaintiffs who lost their excessive fee case in a jury trial shouldn’t get a “do over.” More specifically, the Yale fiduciary defendants in that case have filed the aforementioned brief stating that the Second Circuit need not concern... READ MORE
By Nevin E. Adams, JD | 3/12/2024
As St. Patrick’s Day approaches, I’m reminded of a trip my younger brother and I made with my grandparents to the Great Smoky Mountains.  Now, my grandparents had made many trips to that area, but it was a new experience for me and my brother. To this day I remember a hotel that had a pool with a... READ MORE
By Nevin E. Adams, JD | 3/12/2024
An excessive fee suit decision that starts out noting that the “defendants are fiduciaries of a 401(k) plan that, between 2016 and 2022, substantially reduced the recordkeeping fees charged to plan participants” doesn’t bode well for the plaintiffs. And in fact, the very next sentence—from U.S.... READ MORE
By Nevin E. Adams, JD | 3/8/2024
Well, here we are again at the end of yet another workweek…and yet, just look at what has happened to these guys and gals… In Las Vegas, Nevada, the Bellagio paused its famous fountains as it welcomed one of “the most exclusive guests”…  In Kennesaw, Georgia, an unnamed woman had an unspecified... READ MORE
By Nevin E. Adams, JD | 3/5/2024
I’m not sure how old I was when I first saw “Night of the Living Dead”—but I have long been intrigued by stories of a zombie apocalypse—where mindless beings inexplicably rise from the dead, with no memory of their past, just a relentless (and apparently insatiable) hunger for…well, “us.” That is... READ MORE

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