Nevin & Fred

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 ResourcesRIP Fiduciary Rule: Judge Officially Strikes Down DOL RegulationTrump Administration Moves to Drop Defense of Fiduciary RuleBreaking! Department of Labor Releases Final Investment Advice Fiduciary RuleFact Sheet: Retirement Security Rule and Amendments to Class Prohibited Transaction Exemptions for Investment Advice Fiduciaries | U.S. Department of Labor

‘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.Nice1. 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/surveysTalking Points: Third Time No Charm in ‘Forgotten Account’ FantasyTalking Points: IRA ‘Junk’ BunkNo 'Magic' in These 401(k) Retirement NumbersTalking Points: A Red Flag for a ‘Red Flag’ Report).Social Security'Nothing' Doing About Social Security?Forfeiture StuffDOL Backs HP in Forfeiture Reallocation Suit AppealSECURE 2.0 and Retirement IncomeSECURE Act and Guaranteed Income (Part 3) - Fred Reish6 Obstacles to Retirement Income AdoptionPEPsNevin & Fred: Could a Predominant PEPs Prediction Prove Positive?Automatic EnrollmentThe SECURE Act 2.0: The Most Impactful Provisions (#1–Automatic Plans) - Fred ReishThe SECURE Act 2.0: The Most Impactful Provisions #13 — Starter 401(k) Plans and Safe Harbor 403(b) Plans - Fred ReishThings I Worry About (6): Automatic Enrollment (5) and PEPs - Fred Reish 

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

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 Resources5 Things That (Should) Scare Plan Fiduciaries Target- Date FundsDOL: Target Date Retirement Funds - Tips for ERISA Plan FiduciariesCybersecurityDOL Cybersecurity Program Best PracticesTips for Hiring a Service Provider with Strong Cybersecurity PracticesCybersecurity tips for participantsParticipant “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 Insurance5 Dangerous Fiduciary AssumptionsThe value of fiduciary liability insurance How plan fiduciaries can protect themselves from litigation Fiduciary liability insurance offers protection from claims | Invesco US

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-UpRegulationsAre Plan Sponsors Ready for Roth Catch-Ups?IRS Grants Two-Year Delay in Roth Catch-Up RequirementsAuto-Enrollment and Roth Catch-Up Guidance Proposed byIRSPersonalization IssuesSchlichter Says Empower Improperly Used Data in 401(k)Managed Account PushSchlichter Targets TIAA, Morningstar in Multi-Plan SuitEmpower, Vanguard Managed Account Disclosures TriggerMammoth SEC FinesBonus: Songs to Retire By - Fred Reish  

On August 7, President Trump issued a much-anticipatedexecutive order, directing the Labor Department to (re)consider barriers to defined contribution plans accessing alternative investments.  Nevin & Fred check it out – and theimplications.More specifically, an executive order directed the Secretary of Labor to, among other things, “reexamine the Department of Labor’s guidance on a fiduciary’s duties regardingalternative 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, including 401(k)s and 403(b)s.The EO states as “the policy of the United States that everyAmerican preparing for retirement should have access to funds that include investments in alternative assets…”That policy is, however, conditioned to situations “when therelevant plan fiduciary determines that such access provides an appropriate opportunity for plan participants and beneficiaries to enhance the net risk-adjusted returns on their retirement assets.” While the Executive Order doesn’t immediately changeanything, it sets in motion the possibility of a less restrictive regulatory view on so-called, “alternative” assets, including private markets, real estate, digital assets, and lifetime income.The Executive Order calls out “burdensome lawsuits that seek to challenge reasonable decisions by loyal, regulated fiduciaries,” as well as “stifling Department of Labor guidance” that is says has “denied millions of Americans opportunities to benefit from investment in alternative assets.”Episode ResourcesBreakingNews: Trump Signs EO to Advance Private Market Investments in 401(k)sLifetimeIncome Also Cited in Private Markets Executive OrderTalkingPoints: Pandora’s BoxThingsI Worry About (12): Private Funds and 401(k) Plans - Fred ReishDOLPulls Guidance Cautioning Fiduciaries About Private Equity in 401(k)s

In recent days, federal courts have dismissed two notablesuits regarding forfeiture reallocation, but most notably the Labor Department has now weighed in on behalf of plan fiduciaries in another case.  Could this be a turning point?  Nevin & Fred weigh in.The suits – against JP Morgan and Wells Fargo – weredismissed in different courts on different grounds.  Still, they came at a time, and in a way, that suggests at least some federal courts are now inclined to see practices long sanctioned by practice (and the IRS) as meritless.The real game changer, of course, might be the LaborDepartment’s “friend of the court” filing on yet another suit – one that the fiduciary defendants have already had success in challenging the suit, and yet find themselves (still) in court litigating the issue(s).Speaking of the Labor Department, a federal judge in Texasrecently ruled on a suit filed challenging the application of the so-called fiduciary regulation, most specifically with regard to its implications on rollovers.So what does all that portend for ERISA plan fiduciaries?  And what might the anticipated executive order from the Trump Administration expanding/opening the door for private assets in defined contribution mean?All this and more in the latest episode of Nevin (Adams)& Fred (Reish)…Episode ResourcesForfeituresDOL Backs HP in Forfeiture Reallocation Suit AppealWells Fargo Fends Off Forfeiture Fiduciary Suit JP Morgan Gets Clear Win in 401(k) Forfeiture Reallocation SuitFiduciary SuitFederal Court Vacates Part of Rollover RulePrivate MarketsRetirement Plan Participants Want Access to Private Market InvestmentsPrivate Market Investments: Promises and Potential Pitfalls  https://issuu.com/usaretirement/docs/napa_net_the_magazine_summer_2025Empower’sMurphy Responds to Warren's Private Market Criticism

Some call them “lies”—but in this episode, Nevin (Adams) andFred (Reish) highlight some of the most common—and confusing topics—about retirement plan responsibilities.Inspired by Fred Barstein’s “10 Biggest Lies Told to 401(k) Plan Sponsors,” the prolific podcasting pair parse a passel of problematic misperceptions regarding retirement plan responsibilities.We’re talking about things like:RFP requirements,cheap investment picks,CIT assumptions,PEP perceptions,recordkeeper reliance, andthe limits of advisor accountability. And that’s not all!  See how their list matches yours.Episode ResourcesOnline Security TipsOnline Security Tips - U.S. Department of LaborTitle: Online Security Tips Author: Employee Benefits Security Administration, United States Department of Labor Subject: Tips to reduce the risk of fraud and loss to your retirement account by maintaining online access, using strong passwords, enabling multi-factor authentication, and protecting against phishing attacks.www.dol.gov

Nevin (Adams) & Fred (Reish) brought their prolific,pugnacious, and provocative perspectives in a live podcast format to the record-breaking NAPA 401(k) Summit. In part 1 the precocious podcasting pair talked about anumber of lessons to be learned from recent litigation, including:     - Who bears the burden of proof in ERISA litigation—according to the United States Supreme Court (bad policy, but “good” law)?- A rare jury trial—and a BIG settlement.  Why they’re rare (but may become more common).  Oh, and it involved a multiple employer plan (MEP).   - Fred clarifies his prediction on PEPs (but he’s still a fan).In part 2, the pugnacious pair presciently pontificated on:      - What to make/do about the recent surge in litigation regarding plan forfeitures;    - What to consider in light of recent developmentsregarding private investments in defined contribution plans;    - The implications of/for proxy voting by definedcontribution plans in the aftermath of recent litigation regarding American Airlines.Episode ResourcesForfeituresForfeiture Litigation Update Impact of Forfeiture Lawsuits on Plan SponsorsAlternative/Private Investment TrendsThe Growing Case for Alternatives in Retirement Saving: NAPA 401(k) SummitHow Advisors REALLY Feel About Private Markets Investments in 401(k)sProxy Voting How Fiduciaries Can/Should Fulfill Proxy Voting Responsibilities: HauserTrump-led DOL to Address ESG Rule Through Rulemaking Process

As interest rates rise, so has interest in pension risktransfer (PRT)—and litigation.  Nevin & Fred take a look at what’s underlying (and undermining) that focus, aswell as a new suit alleging aggressive participant marketing.Pension risk transfer is an aptly named process undertakenby an organization that wants to transfer its pension obligations to another entity, typically an insurance company. The process itself is a fiduciary decision requiring carefulconsideration of the entity to which those obligations are transferred—and therein lies the basis of a recent spate of litigation regarding those choices (and during a period of time in which PRT volumes have been setting records).  For those not familiar with the underpinnings of the pensionrisk transfer (PRT—because we need another acronym), IB 95-1, issued by the Department of Labor in 1995 (in the wake of the Executive Life collapse), outlines the fiduciary standards to be used in selecting an annuity provider for a pension risk transfer. That includes considerations of the provider’s investment portfolio, size relative to the annuity contract, level of capital and surplus, liability exposure andavailability of state government guaranty associations.In 2024, and in accordance with the provisions of the SECURE2.0 Act of 2022, the Labor Department basically concluded that while it was open to, and still considering, potential updates to Interpretive Bulletin 95-1, it felt that that document “continues to identify broad factors that are relevant to a fiduciary’s prudent and loyal evaluation of an annuity provider’s claims-paying ability and creditworthiness.” Additionally, EBSA found it “desirable for guidance in this area to remain principles based.” In this episode, Nevin (Adams) and Fred (Reish) talk about the trends and issues here.  They also look at a new lawsuit that brings up an old issue—a recordkeeper’s access toparticipants and alleged promotion of their offerings.  Episode Resources:Another Pension Plan Popped by Pension Risk SuitVerizon Pension Risk Transfer Challenged in CourtFiduciary Duty a Factor in Pension Risk TransfersNew ERISA Suit Alleges High Fees, Low Performance, Improper Forfeitures

A “new” entrant to the forfeiture reallocation suit “suite”—and a decision in favor of fiduciary defendants.  Nevin & Fred review the latest developments.Yet another 401(k) forfeiture fiduciary breach suit has beenfiled—but there are some key differences: The plaintiffs are represented by the law firm of Schlichter Bogard, LLC. The plan involved was the largest targeted by this type of litigation to date (nearly $8 billion). The plan document language prohibited use of forfeitures to offset employer contributions before offsetting administrative expenses (at least according to the suit).And then there is a case that has been through severalrounds of adjudication—and though winning, has had to keep going back to court.  But HP finally prevailed, and though the actions regarding the application of forfeitures were seen as fiduciary decisions—well, there was a bit of a “new” twist in how the judge viewed them.In this episode Nevin (Adams) & Fred (Reish) examine theissues and potential implications, as well as a quick review of some recent updates.Episode ResourcesSchlichter Targets Massive 401(k) Plan With Forfeiture Suit401(k) Fiduciaries Fend Off Forfeiture Reallocation SuitSome “new” News:DOL Pushes Pause on 401(k) Fiduciary Rule SuitsBreaking News: White House Nominates Next EBSA AssistantSecretarySupremes Hear ERISA Burden of Proof Case

Could plan fiduciaries violate their duty of loyalty to plan participants despite a prudent process?  A recent federal judge says yes. Nevin (Adams) & Fred (Reish) discuss. Participant-plaintiff (and pilot) Bryan P. Spence filed suit in the U.S. District Court for the Northern District of Texas in June 2023 against Defendants American Airlines, Inc., American Airlines Employee Benefits Committee, Fidelity Investments Institutional, and Financial Engines Advisors, LLC (he subsequently dropped the latter two).  The suit alleged that they “breached their fiduciary duties in violation of ERISA by investing millions of dollars of American Airlines employees’ retirement savings[i] with investment managers and investment funds that pursue leftist political agendas through environmental, social and governance (‘ESG’) strategies, proxy voting, and shareholder activism—activities which fail to satisfy these fiduciaries’ statutory duties to maximize financial benefits in the sole interest of the Plan participants.” And now—following a four-day bench trial during which there was “testimony from multiple witnesses and examined numerous exhibits,” a review of the record in its entirety and where the Court “has observed the witnesses to assess their credibility and weigh their testimony”—that same Judge O’Connor has now determined what appears to be an unusual divergence.  So, what’s going on with this case, and what does/should it mean for retirement plan fiduciaries?  Nevin (Adams) and Fred (Reish) discuss.   Episode Resources: Judge Says American Airlines 401(k) Fiduciaries ‘Blinded’ by ESG Focus

With apologies to Charles Dickens, Nevin & Fred have done a special year-end tribute (of sorts) to the “ghosts” of retirement past, present – and future. Several weeks back Brian Brashaw issued a challenge (of sorts) to the podcasters of the retirement industry.  Specifically, he expressed an interest in that unique and special group doing a podcast “visited by three spirits: ghosts of 401k past, present and future.” To date, we’ve seen interest, but no “takers” – but here’s the Nevin & Fred option.  Episode Resources An ‘Unintended’ Consequence - https://www.napa-net.org/news/2024/11/talking-points-an-unintended-consequence/ 4 Things You Need to Know About Default Funds https://www.napa-net.org/news/2019/2/4-things-you-need-know-about-default-funds/ How to SECURE 'Better' Retirements  https://www.napa-net.org/news/2024/6/talking-points-how-secure-better-retirements/ Myth Understandings  https://www.napa-net.org/news/2019/2/myth-understandings/

According to Cerulli’s “U.S. Managed Accounts 2022: The Future of Personalized Portfolios,” assets in managed-accounts programs grew nearly 24% in 2021, reaching a high of $10.7 trillion.  In this episode Nevin (Adams) & Fred (Reish) take a look at the trends, the issues, and the considerations underlying managed accounts.  Certainly these structures have proliferated in recent years, doubtless driven in no small part by the development/adoption of these solutions by advisory firms, though many advisors continue to see these as little more than “expensive target-date funds.” 

On April 3, the Nevin & Fred podcast went on the road to San Diego for a live appearance in front of a standing room only crowd at the NAPA 401(k) Summit. 

On April 3, the Nevin & Fred podcast went on the road to San Diego for a live appearance in front of a standing room only crowd at the NAPA 401(k) Summit.  Along with their alliterative illustrations, Nevin (not Neville — Adams) & Fred (Reish) covered: Their favorite provisions of SECURE 2.0 — why — and how it matters to you (and the coverage gap). Why 2024 is just four months away. The implications of when a plan is “established.” The (potential) impact of the last SECURE 2.0 provision to take effect — and why you should be nice to your recordkeeper partners. A new industry acronym! 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 SECURE 2.0  https://www.napa-net.org/secure-20 The Most Impactful Provisions:  https://fredreish.com/category/secure-2-0/

There are few things more disruptive to the peace or clarity of a 401(k) plan than a switch in recordkeepers.  But—whether for good or ill—a change in recordkeepers is one of those “choices” that plan fiduciaries are expected under ERISA to evaluate as a prudent expert.  In this episode, Nevin & Fred cover the key factors.

Over the past several months –following the United States Supreme Court’s decision in Hughes v. Northwestern University – a number of cases, notably the Oshkosh case—and those of CommonSpirit and TriHealth—have brought with them what appears to be a higher standard of “plausibility” in asserting claims that can get past the standard motion to dismiss. In this episode Nevin & Fred take a look at the new litigation landscape for ERISA plans, as well as providing updates on a series of suits involving the BlackRock LifePath target-date funds, as well as a surprising decision regarding rollovers and the fiduciary rule – and a flurry of legislation regarding the Labor Department’s Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights” – a.k.a. the so-called ”ESG rule.” Oshkosh Lays Down a New Standard Gosh! Oshkosh Wins Dismissal of Excessive Fee Suit  https://www.napa-net.org/news-info/daily-news/gosh-oshkosh-wins-dismissal-excessive-fee-suit BlackRock TDFs Another BlackRock TDF Suit Dismissed https://www.napa-net.org/news-info/daily-news/another-blackrock-tdf-suit-dismissed Rollover Rule(s) Court Rolls Back Rollover Rule in 401(k) Fiduciary FAQ Fight  https://www.napa-net.org/news-info/daily-news/court-rolls-back-rollover-rule-401k-fiduciary-faq-fight ESG Excerpts from ARA CEO Brian Graff’s interview with EBSA’s Tim Hauser.  https://www.napa-net.org/search/site/hauser Participants Challenge ESG Rule in Different Venue  https://www.napa-net.org/news-info/daily-news/participants-challenge-esg-rule-different-venue

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

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