Nevin's Data "Points"

  This past weekend most of America underwent a rather painful change — though it’s probably only just setting in. I’m talking about the legally mandated move to Daylight Saving Time (for most of us [i] ). That’s right, at 2:00 a.m. on March 9, clocks around the nation “sprang forward,” reversing course from last fall when the move was to “fall back” to standard time. It’s a “movement” laid at the feet of none other than Benjamin Franklin who, in what’s been characterized as a “satirical”  letter  to the editor of  The Journal of Paris  in 1784 pitched “the economy of using sunshine instead of candles.”  Mr. Franklin may have been satirical, but the economic rationale for this artificial time contrivance lingers on. It was certainly a factor in 1916 when Germany saw adjusting the time as helpful to its war effort. Great Britain embraced the same logic the following year, and by March 1918 [ii]  the (now at war) United States was on board — well, s...

Daylight saving time doesn’t really live up to its name—but as you’re resetting clocks, anxiously awaiting the realignment of circadian rhythms and changing smoke detector batteries, it might be a good time to (re)consider the following. Do you have fiduciary liability insurance? I’m NOT talking about the Fidelity Bond required of every ERISA plan (this protects the plan and its participants from potential malfeasance on the part of those who handle plan assets. In fact, the plan is the named insured in the fidelity bond). I’m also NOT talking about the corporate governance policies that many organizations have in place for actions undertaken by organization officials. These may not cover you, and they very likely won’t cover actions taken as an ERISA plan fiduciary even if you are covered.  What you need to check for is something called Fiduciary Liability Insurance. This policy typically protects the plan’s fiduciaries from claims of a breach of fiduciary responsi...

This weekend most of America will undergo a rather painful change. I’m talking about the legally mandated move to Daylight Saving Time (for most of us). That’s right, at 2 a.m. on March 12, clocks around the nation will “spring ahead” to 3 a.m., reversing course from last fall when the move was to “fall back” to standard time. It’s a “movement” laid at the feet of none other than Benjamin Franklin who, in what’s been characterized as a “satirical” letter to the editor of The Journal of Paris in 1784 pitched “the economy of using sunshine instead of candles.” Mr. Franklin may have been satirical, but the economic rationale for this artificial time contrivance lingers on. It was certainly a factor in 1916 when Germany saw adjusting the time as helpful to its war effort.  Great Britain embraced the same logic the following year, and by March 1918 [i] the (now at war) United States was on board — well, sort of. It only lasted till the end of that war, was picked up ag...