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

Nevin & Fred take their podcasting on the road for a Live session at the 2022 NAPA 401(k) Summit!

Episode Resources

SCOTUS Gives Excessive Fee Suit Plaintiffs Another Shot: https://www.napa-net.org/news-info/daily-news/scotus-gives-excessive-fee-suit-plaintiffs-another-shot

Hughes v. Northwestern University et al., case number 19-1401, in the Supreme Court of the United States: https://www.napa-net.org/sites/napa-net.org/files/19-1401_m6io.pdf

SCOTUS Ponders Excessive Fee Case: https://www.napa-net.org/news-info/daily-news/scotus-ponders-excessive-fee-case

Nevin's Column that was cited by the DOL:  https://plansponsorinstitute.blogspot.com/2009/02/winning-ways.html

Nevin's Column about being cited by the DOL (because, why not?):  https://plansponsorinstitute.blogspot.com/2009/04/second-opinion.html

Fred's article in PLANSPONSOR (edited by Nevin) cited by the Schlichter Bogard & Denton-backed plaintiffs in the original Hughes case (page 23):  https://www.napa-net.org/sites/napa-net.org/files/uploads/Divane-v.-Northwestern.pdf

A hot topic of conversation of late has been crypto currency – and just as it seemed to be making some inroads on some 401(k) platforms, the Labor Department jumped in with something called a Compliance Assistance Release that should certainly give pause to plan fiduciaries.  That follows a bit of a clarification on a stance it issued on the appropriateness of private equity in defined contribution plans in 2020 which, in turn follows a new proposal on ESG, and some commentary on self-directed brokerage accounts (SDBAs).

All that means that there is the potential for a bit of “flux” with regard to some non-traditional DC plan investments.  In this episode Nevin & Fred bat around the issues, the alternatives, and the potential consequences for plan fiduciaries!

DOL Issues Big Caution on Crypto https://www.napa-net.org/news-info/daily-news/dol-issues-big-caution-crypto

DOL Gives Green Light to Private Equity in TDFs  https://www.napa-net.org/news-info/daily-news/dol-gives-green-light-private-equity-tdfs

DOL Clarifies Guidance on Private Equity in 401(k) Plans  https://www.napa-net.org/news-info/daily-news/dol-clarifies-guidance-private-equity-401k-plans

Is There a Case for Alts in DC Plans?  https://www.napa-net.org/news-info/daily-news/there-case-alts-dc-plans

In their first episode of 2022, Nevin & Fred look at a new Supreme Court ruling likely to make it harder—perhaps much harder—to dismiss excessive fee lawsuits, the U.S. Supreme Court has remanded for further consideration a lower court decision that the law firm of Schlichter Bogard & Denton had argued had a “chilling effect” on excessive fee litigation.

What happens next?  Check it out...

Episode Resources

SCOTUS Gives Excessive Fee Suit Plaintiffs Another Shot: https://www.napa-net.org/news-info/daily-news/scotus-gives-excessive-fee-suit-plaintiffs-another-shot

Hughes v. Northwestern University et al., case number 19-1401, in the Supreme Court of the United States: https://www.napa-net.org/sites/napa-net.org/files/19-1401_m6io.pdf

SCOTUS Ponders Excessive Fee Case: https://www.napa-net.org/news-info/daily-news/scotus-ponders-excessive-fee-case

Summary of oral arguments: https://www.napa-net.org/sites/napa-net.org/files/scotus%20arguments%20summary.pdf

Transcript of oral arguments: https://www.napa-net.org/sites/napa-net.org/files/SCOTUS%20arguments.pdf

In this episode, the dynamic duo of Nevin & Fred take a look (ahead) at the prospects for the fiduciary rule (3.0), ESG, PEPs, Retirement Income (and income projections), industry consolidation & legislative outlook for 2022.

Episode Resources

Fred’s Fiduciary Rule blog: https://fredreish.com/

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

DOL Proposal Would Reverse Trump ESG, Proxy Voting Rules: https://www.napa-net.org/news-info/daily-news/dol-proposal-would-reverse-trump-esg-proxy-voting-rules

Resource Page on MEPs, PEPs, ad PPPs: https://www.napa-net.org/news-info/daily-news/resource-page-meps-peps-and-ppps-launches

Are We Ready for Retirement Income?: https://www.napa-net.org/news-info/daily-news/are-we-ready-retirement-income

Environmental, social and governance (ESG)-focused investing is of increasing interest to investors, plan sponsors and…regulators.  In this episode, Nevin & Fred focus on where things stand, what’s changed (and what hasn’t), and what plan fiduciaries/plan advisors should consider doing…now.

Episode Resources

Three ‘Scary’ Things That Give Plan Sponsors Chills: https://www.napa-net.org/news-info/daily-news/three-scary-things-give-plan-sponsors-chills

DOL Proposal Would Reverse Trump ESG, Proxy Voting Rules: https://www.napa-net.org/news-info/daily-news/dol-proposal-would-reverse-trump-esg-proxy-voting-rules

The DOL Proposal: Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights

ESG Investing Resource Page:  https://www.napa-net.org/industry-intel/esg-investing

Being a plan fiduciary is a tough job—and one that, it’s probably fair to say—is underappreciated, if not undercompensated.  

This week Nevin and Fred focus on five key missteps that plan committees make - and the best practices that can help keep you out of trouble. 

Episode Resources 

5 Plan Committee Missteps 

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Your plan might be an excessive fee litigation target if...join Nevin Adams and Fred Reish for the latest installment of Nevin & Fred.

Nevin & Fred discuss the recent Aon survey on "what drives fiduciary liability", and give you their perspectives on the key takeaways.

Episode Resources

Cybersecurity is a hot topic these days, with a new ransomware attack or data breach in the news nearly everyday. In this episode, Nevin & Fred talk about DOL's recommended best practices and the best ways to protect your retirement savings from cyber hacks. 

Episode Resources:

DOL Investigation Questions: https://nevinandfred.com/ 

DOL Unveils Cybersecurity Guidance for Recordkeepers, Fiduciaries: https://www.napa-net.org/news-info/daily-news/dol-unveils-cybersecurity-guidance-recordkeepers-fiduciaries

DOL Reportedly Begins Cybersecurity Plan Audits: https://www.napa-net.org/news-info/daily-news/dol-reportedly-begins-cybersecurity-plan-audits

EBSA Online Security Tips: https://www.dol.gov/sites/dolgov/files/ebsa/key-topics/retirement-benefits/cybersecurity/online-security-tips.pdf 

EBSA Cybersecurity Program Best Practices: https://www.dol.gov/sites/dolgov/files/ebsa/key-topics/retirement-benefits/cybersecurity/best-practices.pdf

It's been said that a committee is a group that keeps minutes and loses hours, but they are an essential element in assuring prudent retirement plan operation and administration. In this episode we cover the who, what, how and how much of retirement plan committees - with some best practices and some things to avoid thrown in for good measure.

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Follow us on Facebook: @NevinAndFredPodcast

Episode Resources:

Retirement Plan Committees (PSCA Survey):  https://www.psca.org/research/snapshot-surveys/2021/committees