Nevin & Fred

By Nevin AdamsBusiness

Nevin & Fred episodes

January 31, 2023Unfinished Business for SECURE 2.0?
The SECURE 2.0 Act of 2022 was signed into law in the waning days of 2022. But there are some things that need fixing – and some things you may have overlooked. Nevin (Adams) and Fred (Reish) highlight five key areas calling for attention.
The short list of things covered in this episode:
Deleted legislative text that could undermine catch-up contributions

A typo(?) that could impact required minimum distribution (RMD) timing.

Required vesting on employee elected Roth treatment of employer contributions

Mandatory automatic enrollment on new plans – but not till 2025 – and with (potentially) rolling effective dates after that
Episode Resources
The What’s and When’s of SECURE 2.0 https://www.napa-net.org/news-info/daily-news/what%E2%80%99s-and-when%E2%80%99s-secure-20
Key SECURE 2.0 Act Provisions and Effective Dates https://www.napa-net.org/news-info/key-secure-20-act-provisions-and-effective-dates
Major SECURE 2.0 Error Puts Catch-Ups in Jeopardy https://www.napa-net.org/news-info/daily-news/major-secure-20-error-puts-catch-ups-jeopardy-ara%E2%80%99s-graff
30 min
January 03, 2023 Even More SECURE...
In the waning days of 2022, President Biden signed into law legislation that had moved through the House and the Senate on a strong bipartisan basis that greatly expands retirement savings opportunities for working Americans.
In this episode Nevin (Adams) & Fred (Reish) unpack some of the major provisions, and their implications for retirement.
Episode Resources
SECURE 2.0 Resource Page
As a top priority of the American Retirement Association, the SECURE 2.0 Act of 2022 was signed into law by President Biden on Dec. 29, 2022. The legislation, which was included in Division T of the Consolidated Appropriations Act, 2023 (H.R. 2617), builds on the foundation laid by the 2019 Setting Every Community Up for Retirement Enhancement (SECURE) Act to further improve upon the success of the private employer-based retirement system by making it easier for businesses to offer retirement plans and for individuals to save for retirement. https://www.napa-net.org/secure-20
The 10 Highest Impact Provisions of the SECURE 2.0 Act
There are 92 provisions in the new SECURE 2.0 Act—and by at least one assessment, they are “almost universally good, with ‘good’ being defined as ‘helpful to the cause of promoting retirement security.’” Group Plan Systems’ Pete Swisher and Cherisha Chapman rank the Top 10 Impact Provisions—and Top 5 new burdens. https://www.napa-net.org/news-info/daily-news/10-highest-impact-provisions-secure-20-act
It’s Official: SECURE 2.0 Enacted into Law
Capping off months of anticipation and hard work, the SECURE 2.0 Act of 2022 is now law, thanks to President Biden signing the legislation Dec. 29 after it was flown down to him while on vacation in St. Croix, U.S. Virgin Islands. https://www.napa-net.org/news-info/daily-news/it%E2%80%99s-official-secure-20-enacted-law
32 min
December 06, 2022 “May” Way? The New DOL ESG Regulation
The U.S. Department of Labor has unveiled its much-anticipated final ESG rule that it says will allow “plan fiduciaries to consider climate change and other environmental, social and governance factors when they select retirement investments and exercise shareholder rights, such as proxy voting.” The operative word for plan fiduciaries is MAY, not must consider ESG factors—a concern that had arisen in the wake of the proposed regulation previously issued.
Episode Resources
Fiduciaries May, But Not Must Consider ESG: DOL: https://www.napa-net.org/news-info/daily-news/breaking-news-fiduciaries-may-not-must-consider-esg-dol
Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights
It’s Official: Final ESG Reg Published in the Federal Register: https://www.napa-net.org/news-info/daily-news/it%E2%80%99s-official-final-esg-reg-published-federal-register
32 min
October 24, 2022 Targeting Target Date Funds?
A recent flurry of lawsuits has "targeted" holders of the BlackRock LifePath target-date funds and their decision(s) to select, and hold, on their investment menu. Ironically, the plan fiduciaries have been charged with "chasing low fees" with a disregard for the funds' performance - which the plaintiffs say was tracked against an inappropriate benchmark. In this episode, Nevin & Fred look at the issues raised by - and the issues involved in - this new round of ERISA litigation.
Episode Resources
Home Depot Hammers Back Excessive Fee Suit https://www.napa-net.org/news-info/daily-news/home-depot-hammers-back-excessive-fee-suit
ARA Joins Amicus Brief Rebuffing BlackRock TDF Suit https://www.napa-net.org/news-info/daily-news/ara-joins-amicus-brief-rebuffing-blackrock-tdf-suit
‘Damned’ (Even) If You Do https://www.napa-net.org/news-info/daily-news/damned-even-if-you-do
Shah Miller Targets (Yet) Another 401(k) with BlackRock TDF https://www.napa-net.org/news-info/daily-news/shah-miller-targets-yet-another-401k-blackrock-tdf
29 min
September 21, 2022 5 Dangerous Fiduciary Assumptions
There’s an old saying that when you assume… well, that applies double (and then some) to ERISA plan fiduciaries. In this episode, Nevin (Adams) and Fred (Reish) discuss five – with reminders about how to avoid winding up in trouble.
Episode Resources
https://www.napa-net.org/news-info/daily-news/5-dangerous-fiduciary-assumptions
https://www.napa-net.org/news-info/daily-news/5-things-your-plan-committee-members-need-know
https://www.napa-net.org/news-info/daily-news/5-plan-committee-missteps
30 min
July 26, 2022 PTE 2020-02: What to do When You Didn’t do What You Were Supposed to Do.
With the written best interest documentation requirement now in place (as of July 1), and with some evidence that some advisors might not have focused on that deadline (or a series of others that took effect in February), in this episode Nevin (Adams) & Fred (Reish) look at some new ways to “fix” non-compliance issues.
Episode Resources
Best Interest Standard of Care for Advisors #93: Correction of Failures to Satisfy PTE 2020-02 https://fredreish.com/best-interest-standard-of-care-for-advisors-93/
IRS Pilots Pre-examination Retirement Plan Compliance Program https://www.asppa-net.org/news/irs-pilots-pre-examination-retirement-plan-compliance-program
Morningstar Urges DOL to Revisit TDF Guidance https://www.napa-net.org/news-info/daily-news/morningstar-urges-dol-revisit-tdf-guidance
35 min
July 05, 2022 EARN, RISE & SHINE, Auto-Portability & the Way(s) Forward
There’s a lot going on in Washington – big movements in the Senate and in the House – and bipartisan. So, what’s in those bills? Nevin (Adams) and Fred (Reish) take a look.
Episode Resources
The Path(s) of Least Resistance https://www.napa-net.org/news-info/daily-news/paths-least-resistance
Bipartisan Bill Backs Auto-Portability https://www.napa-net.org/news-info/daily-news/bipartisan-bill-backs-auto-portability
It’s Unanimous! EARN Passed by Senate Committee 28-0 https://www.napa-net.org/news-info/daily-news/its-unanimous-earn-passed-senate-committee-28-0
Senate HELP Committee Approves RISE & SHINE Act https://www.napa-net.org/news-info/daily-news/senate-help-committee-approves-rise-shine-act
House Advances SECURE 2.0 in Nearly Unanimous Vote https://www.napa-net.org/news-info/daily-news/house-advances-secure-20-nearly-unanimous-vote
29 min
June 07, 2022 New Role(s) With Rollovers
The Labor Department’s expanded definition of fiduciary advice is described in the preamble to PTE 2020-02. The PTE then provides relief for conflicted non-discretionary recommendations (for example, rollover recommendations), IF its conditions are satisfied.
In this episode Nevin & Fred discuss the new parameters, how they’re applied, the conditions that might (and might not) be sufficient to warrant rolling money out of a qualified plan and into an IRA – and the “new” requirement that the justification as to why that move is in the interests of the plan participant – and be in writing, effective July 1.
Episode Resources
Best Interest Standard of Care for Advisors #92: Consideration of Costs in the Evaluation of Rollovers: https://fredreish.com/best-interest-standard-of-care-for-advisors-92/
Best Interest Standard of Care for Advisors #89: Rollovers and the Information That Is Needed About the Participant: https://fredreish.com/best-interest-standard-of-care-for-advisors-89/
Best Interest Standard of Care for Advisors #84: Compliance with PTE 2020-02: Special Issues: Monitoring: https://fredreish.com/best-interest-standard-of-care-for-advisors-84/
DOL Official Sheds Light on Rollover Recommendations: https://www.napa-net.org/news-info/daily-news/dol-official-sheds-light-rollover-recommendations
Rollovers, Regular Basis Focus of DOL Guidance: https://www.napa-net.org/news-info/daily-news/rollovers-regular-basis-focus-dol-guidance
DOL Delays Enforcement of Fiduciary Investment Advice Exemption: https://www.napa-net.org/news-info/daily-news/dol-delays-enforcement-fiduciary-investment-advice-exemption-0
30 min
May 19, 2022 7 Things ERISA Fiduciaries Should Know
When it comes to workplace retirement plans, there are three kinds of people: people who are ERISA fiduciaries and know it, people who aren’t ERISA fiduciaries and know it, and people who are ERISA fiduciaries and don’t know it.
If you’re in the first or last category — well, in this episode Nevin & Fred discuss seven things that every ERISA plan fiduciary should know.

Episode Resources
https://www.napa-net.org/news-info/daily-news/7-things-every-erisa-fiduciary-should-know
39 min
April 19, 2022 Nevin & Fred: LIVE! Part Two
In Part 2 of their “live” podcast from the NAPA 401(k) Summit, Nevin & Fred discuss ESG (and “material risk and return factors”), tie-breakers, designated investment alternatives, “extreme caution” & cryptocurrency within self-directed brokerage accounts (and beyond) – and Fred’s favorite ERISA case…
Episode Resources
DOL Issues Big Caution on Crypto https://www.napa-net.org/news-info/daily-news/dol-issues-big-caution-crypto
A Thumb on the Scale(s)? https://www.napa-net.org/news-info/daily-news/thumb-scales
Cold Water Thrown on Need for New Brokerage Window Guidance https://www.napa-net.org/news-info/daily-news/%E2%80%8Bcold-water-thrown-need-new-brokerage-window-guidance
Fred’s favorite case: https://www.napa-net.org/news-info/daily-news/nyu-excessive-fee-suit-gets-failing-grade
Fred’s fiduciary training powerpoint slides about Fred’s favorite case: https://img1.wsimg.com/blobby/go/f197dd2b-b8f0-4392-acf5-dfc33e2bd3c2/Fred%20Fiduciary%20Training.pdf
Nevin’s column about Fred’s favorite case: Expert Opinions https://www.napa-net.org/news-info/daily-news/expert-opinions
25 min