Nevin & Fred

Nevin Adams

Irreverent, but relevant. Nevin Adams and Fred Reish offer listeners their perspectives on all things retirement.

  1. APR 14

    Season 6, Episode 4: Digging into the “Investment Selection” Proposal

    On March 30, the Employee Benefit Security Administration(EBSA) published its much-anticipated response to President Trump’s Executive Order on Alternative Investments. What, if anything, does it mean? In this episode Nevin (Adams) and Fred (Reish) look at theproposal—what it says (and doesn’t), the six factors to be considered—and one that isn’t—the process ahead, and its implications for plan fiduciaries. Last August  President Trump signed an executive order directing the Secretary of Labor to, among other things, “reexamine the Department of Labor’s guidance on a fiduciary’s duties regarding alternative asset investments in ERISA-governed 401(k) and other defined-contribution plans” —a stance widely seen as encouraging the consideration of alternative assets in defined contribution plans, including401(k)s and 403(b)s. In response, on March 30 the Labor Department issued aproposed regulation to that directive, titled “Fiduciary Duties In Selecting Designated Investment Alternatives.” However, it acknowledges that while the executive order “focused on fiduciary responsibilities for offering an asset allocation fund that includes investments in alternative assets, the proposed regulation would apply to the selection of any type of investment as a designated investment alternative,including investments in so-called “alternative assets.” The Investment Selection proposal also has a lot to say about ERISA litigation. In fact, the word is used over 100 times in the release, including 26 footnotes and multiple section headers. Episode Resources: Special Edition: Fiduciary Duties In Selecting Designated Investment Alternatives Proposed Rule  https://endeavor-retirement.activehosted.com/index.php?action=social&chash=f770b62bc8f42a0b66751fe636fc6eb0.467&s=f1b8e69fc34995b9d807df36b7a3c6f3 EBSA’s Aronowitz Outlines Fiduciary Framework for ‘Investment Selection Rule’ How Many Times Does the DOL Proposed Rule Mention ‘Litigation?’ Fiduciary Duties in Selecting Designated Investment Alternatives (the “Investment Selection Rule”) Breaking News: Trump Signs EO to Advance Private Market Investments in 401(k)s

    29 min

  2. MAR 17

    Season 6, Episode 3: RIP The Retirement Security Rule

    On March 12, Judge Jeremy D. Kernodle in the US DistrictCourt for the Eastern District of Texas approved a motion to vacate the Retirement Security Rule. What does that mean for retirement security? The motion to vacate – essentially waving a judicial wand tomake it as though the regulation never existed – was unopposed by the Department of Labor. But what does that mean for retirement plan advisors – andretirement plan advice?  Is the 5-part rule still in force?  Whatabout PTE 2020-02?  And what about rollovers? Nevin (Adams) and Fred (Reish) discuss and debate the “new”fiduciary landscape.   Episode Resources RIP Fiduciary Rule: Judge Officially Strikes Down DOL Regulation Trump Administration Moves to Drop Defense of Fiduciary Rule Breaking! Department of Labor Releases Final Investment Advice Fiduciary Rule Fact Sheet: Retirement Security Rule and Amendments to Class Prohibited Transaction Exemptions for Investment Advice Fiduciaries | U.S. Department of Labor

    23 min

  3. FEB 20

    Season 6, Episode 2: Nevin & Fred--Live from Palm Beach (Part Two)

    On February 3, Nevin (Adams) and Fred (Reish) met with a very special group of third-party administrators. Recorded live at the SoFi Center (home of TGL, Tomorrow’s Golf League), the podcasting pair dealt with some of the most timely and critical issues confronting retirement plan professionals at the Definiti-sponsored event.  In Part 1, we covered: 3(16) Pooled Employer Plans (PEPs) But in Part 2, we pivot to: Crytpocurrency Artificial Intelligence Episode Resources: Cybersecurity | U.S. Department of Labor Tips for Hiring a Service Provider with Strong Cybersecurity Practices | U.S. Department of Labor Settlement Struck in Consulting Actuarial Firm Data Hack Court (Again) Rebuffs Amended Data Breach Suit U.S. Department of Labor. “Artificial Intelligence and Worker Well-being: Principles for Developers and Employers.” Accessed August 13, 2024. In Web Archive, archived August 13, 2024. https://web.archive.org/web/20240813173652/https:/www.dol.gov/general/ai-principles   Compass: Navigating AI in Retirement Plan Administration Top 10 Questions for Plan Committees - October Compass 10 Things [Vertical] Data and Security: The Current Frontier https://www.napa-net.org/news/2021/6/data-and-security-current-frontier/

    28 min

  4. FEB 12

    Season 6, Episode 1: Nevin & Fred--Live from Palm Beach (Part One)

    On February 3, Nevin (Adams) and Fred (Reish) met with avery special group of third-party administrators at an event sponsored by Definiti. Recorded live at the SoFi Center (home of TGL, Tomorrow’sGolf League), the podcasting pair dealt with some of the most timely and critical issues confronting retirement plan professionals at the Definiti-sponsored event.  We’re talking things like: 3(16) Pooled Employer Plans (PEPs) Cryptocurrency Artificial Intelligence   Episode Resources: Things I Worry About (26): Pooled Employer Plans and DOL RFI (7) - Fred Reish Understanding MEPs, PEPs, and PPPs: Key Insights and Resources How PEPs Have Flourished Since Their Creation Talking Points: A PEP-spective on Fiduciary Reviews Winter Issue of Plan Consultant Is Now Online! More Advisors Turning to 3(16) Fiduciary Outsourcing Can Employers Outsource Administrative Fiduciary Responsibility?

    26 min

  5. 12/18/2025

    Season 5, Episode 12: Retirement Plan Naughty & Nice(s)

    ‘Tis the season for “best of,” “most,” and of course, “naughty and nice” list making.  In this episode Nevin (Adams) and Fred (Reish) share theirs with regard to retirement plans. In that holiday classic “Santa Claus is Coming to Town,”Santa is said to be “making a list and checking it twice…” all with the purpose of finding out “who’s naughty and nice.” Well, in this special holiday-inspired episode, Nevin and Fred share their lists.  So, who/what is going to wind up with a lump of coal in their stocking? Here are our lists: Naughty  1. Surveys that promote bogus data to generate business for themselves.  Scare techniques generally, including by those who use surveys and studies to do that. 2. Frivolous lawsuits - given multiple chances to make their claim(s) - the forfeiture suits primarily (note:  some of that comes from apparent conflicts in the laws and regulations…for example, the IRS says that using forfeitures to offset contributions is possible, but the DOL says that, if left to discretion, it is a fiduciary duty that must be in the best interest of participants. 3. Social Security looming shortfalls left unaddressed - and everyone says it won't be a problem.   4. The lack of any integrated fiduciary/institutional answer to retirement income. Although the steps taken, e.g., the SECURE Act, are “nice.” 5. The complexity of the laws governing qualified plans, especially when it comes to small employers. Nice 1. Signs that people are saving more and better. Evidence in PSCA, Vanguard and Fidelity surveys.  The very low costs of saving through 401(k) plans as compared to retail (andpartially the plaintiffs’ attorneys who have contributed to that). 2. DOL backing plan fiduciaries on the forfeiture reallocation suit.   3. More personalized target-date funds/managed accounts. 4. Pooled Employer plans (though keep an eye on themarketing and administration of these programs down the road). 5. Mandatory automatic enrollment for new 401(k) and 403(b) plans. 6. Retirement issues continue to be a bipartisan issue mostly).  Episode Resources: Misleading headlines/surveys Talking Points: Third Time No Charm in ‘Forgotten Account’ Fantasy Talking Points: IRA ‘Junk’ Bunk No 'Magic' in These 401(k) Retirement Numbers Talking Points: A Red Flag for a ‘Red Flag’ Report). Social Security 'Nothing' Doing About Social Security? Forfeiture Stuff DOL Backs HP in Forfeiture Reallocation Suit Appeal SECURE 2.0 and Retirement Income SECURE Act and Guaranteed Income (Part 3) - Fred Reish 6 Obstacles to Retirement Income Adoption PEPs Nevin & Fred: Could a Predominant PEPs Prediction Prove Positive? Automatic Enrollment The SECURE Act 2.0: The Most Impactful Provisions (#1–Automatic Plans) - Fred Reish The SECURE Act 2.0: The Most Impactful Provisions #13 — Starter 401(k) Plans and Safe Harbor 403(b) Plans - Fred Reish Things I Worry About (6): Automatic Enrollment (5) and PEPs - Fred Reish

    29 min

  6. 11/22/2025

    Season 5, Episode 11: Things Plan Sponsors Should Be Thankful For

    Plan sponsors have a lot to do – and a lot to do withhelping Americans prepare for retirement – and a lot of things that help them do so.  In this episode, Nevin (Adams) and Fred (Reish) share their lists of things plan sponsors should be thankful for this holiday. There’s obviously a LOT to be thankful for, not the least ofwhich is that plan sponsors are often doing what they do for retirement planning in the midst of an array of other pressing concerns.  That said, there have been any number of innovations andevolutions over the years – and as we come to that time of the year when we’re inclined to give thanks – well, here are our lists: - The 401(k) - how was America going to retire without it? - ERISA 404(c) -participant directed investments safe harbor (without it, plan fiduciaries are responsible for ALL participant investment decisions (even the dumb ones) - EGTRRA (Economic Growth Tax Relief and Recovery Act of 2001) - which, among other things, lifted the harsh contribution limits of TRA86, gave us Roth option. - Target-date funds – making it easier for participants to benefit from professional money management. - PPA (Pension Protection Act of 2006) – which “sanctioned” (via safe harbors) automatic enrollment and qualified default investment alternatives (QDIA) – including the afore-mentioned target-date funds.  Created FLOORS, not ceilings for retirement savings. - Index funds – helping provide a cost-effective investment structure, first via various share classes, and now via collective investment trusts. -  SECURE 2.0 (the SECURE 2.0 Act of 2022) – which provided 90+ OPTIONS for improved retirement savings that plan sponsors can choose from (or not).    Lots of options in SECURE 2.0 that are OPTIONAL. -  The plaintiffs’ bar – well, some of them anyway. -  ERISA’s preemption provision – one set of federal laws that trump various state rules and regulations, and give us a single set of (admittedly complex) federal rules. And one more – but you’ll have to listen to find out! Happy Thanksgiving! -         Nevin E. Adams, JD

    37 min

  7. 10/23/2025

    Season 5, Episode 10: Things That Should Scare Plan Fiduciaries

    As Halloween approaches, and thoughts turn to ghosts,goblins and things that go bump in the night, Nevin (Adams) & Fred (Reish) turned their focus to things that SHOULD have the attention of (and perhaps even scare) plan fiduciaries. Now, there are lots of things that require careful attention, selection and monitoring of plan assets and services by planfiduciaries; advisors and plan sponsors alike. But there are some things that may sneak up on even the most attentivefiduciary – things like: Your target-date fund glidepath(s) – Is it “to”retirement or “through” retirement, is it appropriate for your participant base, and do THEY know what it is (particularly at the projected date of retirement)? The degree of personalization in a “managed” account– How personalized is it, what data elements are considered, is the cost (relative to a target-date fund alternative) reasonable for the value provided, and who pays it?  Is it structured as a qualified default investment alternative (QDIA)? Cybersecurity – What provision(s) have your providersmade in securing participant data (particularly in view of the sample questions provided by the Labor Department), and are you prepared to deal with those questions in a DOL audit?    Participants that leave their accounts “behind” – Whatprocedures do you have in place to communicate with, and in some cases track down for distributing benefits?  Are youable to appropriately track and administer required minimum distributions (RMD)? Ignorance of fees – Do you know what fees are being paid by the plan, to whom, for what, and how? Personal liability – Plan fiduciaries are personally liable for the actions they take (or don’t) with regard to plan administration.  Traditional organizational insurance policies don’t cover that, nor does the fiduciary bond required. What provision(s) have you made to insure against that possibility? Episode Resources 5 Things That (Should) Scare Plan Fiduciaries Target- Date Funds DOL: Target Date Retirement Funds - Tips for ERISA Plan Fiduciaries Cybersecurity DOL Cybersecurity Program Best Practices Tips for Hiring a Service Provider with Strong Cybersecurity Practices Cybersecurity tips for participants Participant “Leave Behinds” National Registry of Unclaimed RetirementBenefits: https://www.unclaimedretirementbenefits.com/ A nationwide, secure database listing of retirement planaccount balances that have been left unclaimed by former participants of retirement plans. Retirement Savings Lost and Found Database: https://lostandfound.dol.gov/ EBSA is helping America's workers and beneficiaries searchfor retirement plans that may still owe them benefits by establishing a public Retirement Savings Lost and Found Database through the SECURE 2.0 Act of 2022. This database serves as a centralized location to find lost or forgottenbenefits and get information on how to obtain those funds. Fiduciary Insurance 5 Dangerous Fiduciary Assumptions The value of fiduciary liability insurance How plan fiduciaries can protect themselves from litigation Fiduciary liability insurance offers protection from claims | Invesco US

    33 min

  8. 09/18/2025

    Season 5, Episode 9: Catching Up on Catch-Ups

    On September 15, the IRS/Treasury announced the much-anticipated final regulations on SECURE 2.0’s new limits on catch-up contributions.  In this episode Nevin & Fred talk about what lies ahead. These final regulations apply to retirement plans thatpermit participants who have attained age 50 to make additional elective deferrals that are catch-up contributions—which will now be restricted to Roth for individuals making $145,000 or more (adjusted for inflation), effective in January. A recent Plan Sponsor Council of America survey found thatfewer than 5% of plan sponsors said they were “ready to go” with these changes, while more than 4 in 10 were “struggling with payroll logistics.”  On the other hand, nearly as many (40.2%) said they expected to be ready by January 1. Things to note: 1.  This IS going to happen (some had thought/hoped there would be an extension). 2.  If your plan doesn’t allow Roth, you can't do Roth catch-ups(or catch-ups for those earning more than $145k in FICA wages).  3.  You don't have to allow Roth.  But with this change, you might want to reconsider.  4.  You’ll get more time/flexibility to correct mistakes (andthere will surely be mistakes).  In this episode we’ll also discuss the issues surrounding personalization and personal data: lawsuits challenging utilization for purposes NOT related to the plan—and massive SEC fines for allegedly inadequate disclosures. Episode Resources:  Catch-Up “Muster” Breaking News: IRS Releases Final Roth Catch-UpRegulations Are Plan Sponsors Ready for Roth Catch-Ups? IRS Grants Two-Year Delay in Roth Catch-Up Requirements Auto-Enrollment and Roth Catch-Up Guidance Proposed byIRS Personalization Issues Schlichter Says Empower Improperly Used Data in 401(k)Managed Account Push Schlichter Targets TIAA, Morningstar in Multi-Plan Suit Empower, Vanguard Managed Account Disclosures TriggerMammoth SEC Fines Bonus: Songs to Retire By - Fred Reish

    32 min
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4.9
out of 5
17 Ratings

About

Irreverent, but relevant. Nevin Adams and Fred Reish offer listeners their perspectives on all things retirement.

Information

  • Creator
    Nevin Adams
  • Years Active
    2021 - 2026
  • Episodes
    66
  • Rating
    Clean
  • Copyright
    © Nevin Adams
  • Show Website
    Nevin & Fred

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