Nevin E. Adams
The settlements are lining up in a number of so-called excessive fee suits—including one at the 11th hour—all with plaintiffs represented by Capozzi Adler PC.
Mass General Brigham
Plaintiffs Mark Norton, Daska Louis, Caroline Mitchell, Nancy Barlett, and Azilda Cordahi and Defendants Mass General...
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A group of retirement industry groups has asked the United States Supreme Court to hear a case they say if “left undisturbed… has the potential to impact the orderly and efficient operation of every retirement plan in the country.”
Filing an amicus (friend of the court) brief in support of the...
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A new report provides some interesting insights on 401(k) participants and their behaviors—and reminds of the challenges in tracking trendlines.
The report—aptly titled “401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2022”—provides a snapshot on the how, and how much 401(k)s...
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Like many, perhaps most, families—mine never really talked about money or finance.
Doubtless that was in no small part because neither of those were in abundance in our household. But mostly, I suspect, it was because that was just one of “those” topics that were deemed by my parents’ generation...
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As expected, and with the ink barely dry on the new Retirement Security regulation, the first lawsuit challenging that rule has been filed.
It seeks to vacate the 2024 Fiduciary Rule and amendment to PTE-84-24 under the Administrative Procedures Act (APA) on the grounds that they are “contrary to...
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It’s been said that a crisis is a terrible thing to waste. But what if it’s a figment of your imagination?
“Crisis” is a word much bandied about these days, most particularly as a label applied to retirement—by foes and fans alike. Indeed, while not so long ago headlines posed that premise as a...
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While sympathizing with the participant-plaintiffs in the case, a federal judge finds no obligation to use “reasonable” life expectancy and interest rates in a pension calculation conversion.
Plaintiffs Thomas Reichert, Stuart Buck, and Kenneth Henrich (on behalf of themselves and others similarly...
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Of all the promising provisions in the SECURE 2.0 Act of 2022, one of the most expensive (as the federal government does math, anyway) is likely to be one of the most challenging to implement.
It’s not effective till 2027, so there’s still some time to figure it out—but I’m talking about the new...
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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...
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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...
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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...
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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[1] was that those who had not yet paid taxes on their savings (the traditional pre-tax...
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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...
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Amid St. Patrick’s Day celebrations, 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...
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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...
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The ink was barely dry on the denial of a motion to dismiss the suit, when American Airlines filed a motion of summary judgment, claiming that “there is no genuine issue as to any material fact and the [movant] is entitled to judgment as a matter of law.”
Where We’ve Been
Participant-plaintiff (...
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Recently, we explored the reasons why small businesses DON’T offer a retirement plan to their workers. But there are quite different—and positive—reasons for choosing to do so.
The obstacles that keep most small businesses from offering a retirement plan to their workers are an assortment of...
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A big plan has struck a big cash settlement in an excessive fee suit involving the use of proprietary investment products in its 401(k) plan.
The suit was brought by a number of plaintiff-participants relating to the management of the New York Life Insurance Company Employee Progress-Sharing...
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Looks like an American Airlines participant-plaintiff who argued that plan fiduciaries didn’t act in participants’ best interests in including funds managed by firms that allegedly favored ESG interests will get his day in court.
Participant-plaintiff (and pilot) Bryan P. Spence filed suit in the...
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The Department of Labor (DOL) has gone to court to protect retirement plan assets in a case of alleged embezzlement by a TPA.
The DOL says that an emergency temporary restraining order (TRO) has been issued by the U.S. District Court for the Western District of Pennsylvania against RiversEdge...
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