Nevin & Fred

Hosted by Nevin Adams

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Jun 2026

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Irreverent, but relevant. Nevin Adams and Fred Reish offer listeners their perspectives on all things retirement.

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June 3, 2026Episode 527 min

Season 6, Episode 5: Comment Airing: (More) Thoughts on the Investment Selection Rule

Last August President Trump signed an executive order directing the Secretary of Labor to, among other things, “reexamine the Department of Labor’s guidance on a fiduciary’s duties regarding alternative 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, including401(k)s and 403(b)s.Then on March 30, the Labor Department issued a proposedregulation in response to that directive, titled “Fiduciary Duties In Selecting Designated Investment Alternatives.” However, while it acknowledged that while the executiveorder “focused on fiduciary responsibilities for offering an asset allocation fund that includes investments in alternative assets, the proposed regulation would apply to the selection of any type of investment as a designated investment alternative, including investments in so-called “alternative assets.”That said, the comment period closed with more than 47,000comments!In this episode, Nevin and Fred consider the…alternatives…and the future of the proposal.Episode Resources:Regulations.gov(the comments)DOL Archives - Fred ReishSeason 6 Episode 4: The Investment Selection Proposal | Nevin & Fred % %Talking Points: Retirement Income, Defaults and Fiduciary DutySpecial Edition: Fiduciary Duties In Selecting Designated Investment Alternatives Proposed Rule https://endeavor- retirement.activehosted.com/index.php?action=social&chash=f770b62bc8f42a0b66751fe636fc6eb0.467&s=f1b8e69fc34995b9d807df36b7a3c6f3AGs, Congressional Democrats Say DOL Proposal Weakens Prudence StandardEBSA’s Aronowitz Outlines Fiduciary Framework for ‘Investment Selection Rule’How Many Times Does the DOL Proposed Rule Mention ‘Litigation?’Fiduciary Duties in Selecting Designated Investment Alternatives (the “Investment Selection Rule”)Breaking News: Trump Signs EO to Advance Private Market Investments in 401(k)s

April 14, 2026Episode 429 min

Season 6, Episode 4: Digging into the “Investment Selection” Proposal

On March 30, the Employee Benefit Security Administration(EBSA) published its much-anticipated response to President Trump’s Executive Order on Alternative Investments. What, if anything, does it mean?In this episode Nevin (Adams) and Fred (Reish) look at theproposal—what it says (and doesn’t), the six factors to be considered—and one that isn’t—the process ahead, and its implications for plan fiduciaries.Last August President Trump signed an executive order directing the Secretary of Labor to, among other things, “reexamine the Department of Labor’s guidance on a fiduciary’s duties regarding alternative 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, including401(k)s and 403(b)s.In response, on March 30 the Labor Department issued aproposed regulation to that directive, titled “Fiduciary Duties In Selecting Designated Investment Alternatives.” However, it acknowledges that while the executive order “focused on fiduciary responsibilities for offering an asset allocation fund that includes investments in alternative assets, the proposed regulation would apply to the selection of any type of investment as a designated investment alternative,including investments in so-called “alternative assets.”The Investment Selection proposal also has a lot to say about ERISA litigation. In fact, the word is used over 100 times in the release, including 26 footnotes and multiple section headers.Episode Resources:Special Edition: Fiduciary Duties In Selecting Designated Investment Alternatives Proposed Rule https://endeavor-retirement.activehosted.com/index.php?action=social&chash=f770b62bc8f42a0b66751fe636fc6eb0.467&s=f1b8e69fc34995b9d807df36b7a3c6f3EBSA’s Aronowitz Outlines Fiduciary Framework for ‘Investment Selection Rule’How Many Times Does the DOL Proposed Rule Mention ‘Litigation?’Fiduciary Duties in Selecting Designated Investment Alternatives (the “Investment Selection Rule”)Breaking News: Trump Signs EO to Advance Private Market Investments in 401(k)s

March 17, 2026Episode 122 min

Season 6, Episode 3: RIP The Retirement Security Rule

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

February 20, 202627 min

Season 6, Episode 2: Nevin & Fred--Live from Palm Beach (Part Two)

On February 3, Nevin (Adams) and Fred (Reish) met with a very special group of third-party administrators. Recorded live at the SoFi Center (home of TGL, Tomorrow’s Golf League), the podcasting pair dealt with some of the most timely and critical issues confronting retirement plan professionals at the Definiti-sponsored event. In Part 1, we covered:3(16)Pooled Employer Plans (PEPs)But in Part 2, we pivot to:CrytpocurrencyArtificial IntelligenceEpisode Resources:Cybersecurity | U.S. Department of LaborTips for Hiring a Service Provider with Strong Cybersecurity Practices | U.S. Department of LaborSettlement Struck in Consulting Actuarial Firm Data HackCourt (Again) Rebuffs Amended Data Breach SuitU.S. Department of Labor. “Artificial Intelligence and Worker Well-being: Principles for Developers and Employers.” Accessed August 13, 2024. In Web Archive, archived August 13, 2024. https://web.archive.org/web/20240813173652/https:/www.dol.gov/general/ai-principles Compass: Navigating AI in Retirement Plan AdministrationTop 10 Questions for Plan Committees - October Compass 10 Things [Vertical]Data and Security: The Current Frontier https://www.napa-net.org/news/2021/6/data-and-security-current-frontier/

February 12, 202626 min

Season 6, Episode 1: Nevin & Fred--Live from Palm Beach (Part One)

On February 3, Nevin (Adams) and Fred (Reish) met with avery special group of third-party administrators at an event sponsored by Definiti.Recorded live at the SoFi Center (home of TGL, Tomorrow’sGolf League), the podcasting pair dealt with some of the most timely and critical issues confronting retirement plan professionals at the Definiti-sponsored event. We’re talking things like:3(16)Pooled Employer Plans (PEPs)CryptocurrencyArtificial Intelligence Episode Resources:Things I Worry About (26): Pooled Employer Plans and DOL RFI (7) - Fred ReishUnderstanding MEPs, PEPs, and PPPs: Key Insights and ResourcesHow PEPs Have Flourished Since Their CreationTalking Points: A PEP-spective on Fiduciary ReviewsWinter Issue of Plan Consultant Is Now Online!More Advisors Turning to 3(16) Fiduciary OutsourcingCan Employers Outsource Administrative Fiduciary Responsibility?

December 18, 2025Episode 1228 min

Season 5, Episode 12: Retirement Plan Naughty & Nice(s)

‘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

November 22, 2025Episode 1136 min

Season 5, Episode 11: Things Plan Sponsors Should Be Thankful For

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

October 23, 2025Episode 932 min

Season 5, Episode 10: Things That Should Scare Plan Fiduciaries

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

September 18, 2025Episode 932 min

Season 5, Episode 9: Catching Up on Catch-Ups

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

August 15, 2025Episode 824 min

Season 5, Episode 8: What’s the Alternative(s)?

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