Nevin's Data "Points"

   We’re often told (via surveys) of any number of retirement plan options that plan participants want. Should it matter? Most recently, we’re assured that participants are  clamoring to have access to private market investments . Before that, it was  cryptocurrency  — and for what seems like months now it’s all been about  retirement income . Apparently vast majorities of participants are eager to have access through their 401(k) to an array of complex financial instruments to which they have, thus far, been largely (or totally) barred — or so surveys say. Indeed, I’ve always been amazed that organizations are able to find so many ostensibly knowledgeable participants to weigh in on these complex topics — particularly since there is an abundance of (other) surveys that suggest that when it comes to financial matters, participants are, largely, clueless. Not that that seems to dampen their collective interest in these new options — though when given a chanc...

  Plan fiduciaries might well have gotten a case of severe whiplash last week. I’m referring of course to the dual announcements from the Labor Department (a)  rescinding its previous position on cryptocurrency  in retirement plans and (b) indicating  that it in some fashion plans to  review/change the current so-called ESG rule  through a formal regulatory notice-and-comment period — presumably rather than defend the current version which had been  challenged in court . That, and any day now it’s expected that the Administration will (similarly) soften, if not shift, its  previous take on private equity  investments in defined contribution plans. Doubtless many are cheering these new developments; others, of course, will see this as either a danger, or a diminution of fiduciary responsibility. And some, surely, will like one, but not the other.  Regardless, if you’re a plan fiduciary trying to figure out what is right and prudent to con...

One of my favorite parts of the NAPA 401(k) Summit is a comprehensive annual survey we do of advisors in attendance at the Summit I call the Summit Insider . It’s a unique opportunity to get the perspective of hundreds of retirement plan-focused advisors in a unique window of time. A chance, if you will, to see what’s on the collective minds of a very special group of individuals. Like the networking experience of the Summit itself, it’s a chance to see what is actually on the minds and driving forces for the nation’s leading advisors. Sometimes it’s a validation—sometimes a repudiation—but it’s always insightful, all the more so in view of this year’s (record-breaking) response to the Summit Insider questionnaire. Over the past couple of weeks, I’ve shared some insights in the NAPA-Net daily—but if you’re looking for a quick sense of the advisor perspective(s) on business practices, industry trends, team building, or future focus—well, here you go: There have been BIG...

 Years back I remember being part of a Q&A with a group of plan sponsors—the focus was the challenge of not only getting, but keeping their plans in compliance, while also looking for creative ways to engage and encourage participants. Then at one point, a tired looking gentleman, expressing frustration with the pressures of audits and litigation, said: “I wish the DOL would just tell us what to do.”  I cautioned him at the time that he ought to be careful what he wished for—that he might just get it. Sure enough, in mid-March the Labor Department issued a “compliance assistance release” which was unique both in format and, arguably, focus. It reminded plan fiduciaries of the significance of their review and assessment of prudence of plan investments—and then said in no uncertain terms that it had concerns about the ability of cryptocurrency to meet those high standards. Indeed, the release plainly stated that those who did include such options could “expect ...