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- The DOL’s Pizarro v. Home Depot Amicus Brief: Borzi and Gomez Don’t Live Here @ EBSA Anymore
- DOL’s Betrayal of American Workers Sends a Clear Message to American Workers: We Really Don’t Give a Damn About You!
- Implications of Section 78(3) of the Restatement (Third) of Trusts and the Expanding “Knew or Should Have Known” Liability Standard in the Era of AI
- Closing Argument: Humble Arithmetic, Common Sense, and Fiduciary Liability vs. In-Plan Annuities
- Closing Argument: Humble Arithmetic, Common Sense, and Fiduciary Responsibility vs. In-Plan Annuities
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Category Archives: Annuities
ERISA 404(a) vs. NAIC Rule 275 -Wake-Up Call or Ticking Fiduciary Litigation/Liability Time Bomb for Plan Sponsors?
James W. Watkins, III, J.D., CFP EmeritusTM, AWMA® As a fiduciary risk management counsel, I’m often asked about my opinion as to the biggest risk management mistake plan sponsors make. To me, the answer is simple. The biggest and most … Continue reading
Posted in 401k, 401k compliance, 401k investments, 401k litigation, 401k plan design, 401k plans, 401k risk management, 401klitigation, 404(a), Annuities, best interest, DOL, ERISA, ERISA litigation, ERISA litigation, fiduciary liability, ERISA litigation, ERISA, ERISA litigation, fiduciary responsibility, fiduciary prudence, fiduciary duties, fiduciary litigation, 401k, 401k plans, plan sponsor, plan sponsors, fiduciary law, fiduciary, fiduciary compliance, fiduciary duty, fiduciary law, fiduciary liability, fiduciary liability, Fiduciary litigation, Fiduciary prudence, fiduciary prudence, fiduciary responsibility, fiduciary risk management, fiduciary standard, fiduciarylitigation, pension plans, plan sponsors, risk management
Tagged 401k compliance, 401k fiduciary, 401kplans, Annuities, ERISA, fiduciary, fiduciary risk management, investing, plan sponsor
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“And Their Beneficiaries”: Annuities, Commensurate Return, and Fiduciary Liability
James W. Watkins, III, J.D., CFP EmeritusTM, AWMA® ERISA Section 404a-1 provides as follows: 2550.404a-1 Investment duties. (a) In general. Sections 404(a)(1)(A) and 404(a)(1)(B) of the Employee Retirement Income Security Act of 1974, as amended (ERISA or the Act) provide, … Continue reading
Posted in 401k, 401k compliance, 401k investments, 401k litigation, 401k plans, 401k risk management, 401klitigation, 404(a), Active Management Value Ratio, AMVR, Annuities, consumer protection, cost-efficiency, defined contribution, DOL, elderly investment fraud, ERISA, ERISA litigation, ERISA, ERISA litigation, fiduciary responsibility, fiduciary prudence, fiduciary duties, fiduciary litigation, 401k, 401k plans, plan sponsor, plan sponsors, fiduciary law, fiduciary, fiduciary compliance, fiduciary duty, fiduciary law, fiduciary liability, fiduciary liability, Fiduciary prudence, fiduciary prudence, fiduciary responsibility, fiduciary standard, Mutual funds, pension plans, plan sponsors, prudence, retirement planning, retirement plans, risk management, wealth preservation
Tagged 401k 401k plans, Annuities, ERISA, ERISA litigation, fiduciary, fiduciary investing, fiduciary law, fiduciary liability, fiduciary responsibility, fiduciary riskmanagement, investing, investor protection, litigation, personal-finance, plansponsor, plansponsors, retirement, retirement planning
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Plan Sponsor and RIA Alert: Navigating the 78(3) Fiduciary Liability “Gotcha”
James W. Watkins, III, J.D., CFP EmeritusTM, AWMA® During a recent deposition I asked the plan sponsor if he understood the requirement under the fiduciary duties of prudence and loyalty. His answers were your basic ERISA 404(a) language. When he … Continue reading
Posted in 401k, 401k compliance, 401k investments, 401k litigation, 401k plan design, 401k plans, 401k risk management, 401klitigation, 404(a), Annuities, compliance, ERISA, ERISA litigation, fiduciary, fiduciary compliance, fiduciary duty, fiduciary law, fiduciary liability, fiduciary liability, Fiduciary prudence, fiduciary prudence, fiduciary responsibility, fiduciary risk management, fiduciarylitigation, pension plans, plan advisers, plan sponsors, prudence, retirement plans, RIA, RIA Compliance, RIA marketing, risk management
Tagged 401k, 401k compliance, 401k fiduciary, 401k litigation, 401k plans, Annuities, compliance, ERISA, fiduciary, fiduciary law, investment advisers, plan sponsors, RIA compliance, RIA marketing, RIA risk management
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2025 Fiduciary Litigation: Common Law + Common Sense?
James W. Watkins, III, J.D., CFP EmeritusTM, AWMA® Looking at the ERISA litigation landscape for 2025, I think there are three clear-cut cases that may shape the future of ERISA litigation and ERISA itself: the ongoing litigation in the Fifth … Continue reading
Posted in 401k, 401k compliance, 401k investments, 401k litigation, 401k plan design, 401k plans, 401k risk management, 401klitigation, Active Management Value Ratio, AMVR, Annuities, consumer protection, cost efficient, cost-efficiency, defined contribution, DOL fiduciary rule, ERISA, ERISA litigation, fiduciary, fiduciary compliance, fiduciary law, fiduciary liability, fiduciary liability, Fiduciary prudence, fiduciary prudence, fiduciary responsibility, fiduciary risk management, fiduciarylitigation, Mutual funds, pension plans, plan advisers, plan sponsors, prudence, retirement plans, risk management, SCOTUS, Supreme Court
Tagged 401k, 401k compliance, Active Management Value Ratio, fiduciary, fiduciary law, fiduciary liability, Fiduciary litigation, Fiduciary prudence, fiduciary responsibilities, fiduciary risk management, fiduciaryliability, retirement plans
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“Sell the Sizzle, Not the Steak”: Annuities, Commensurate Return, and the Fiduciary Duty to Disclose
James W. Watkins, III, J.D., CFP EmeritusTM, AWMA® Fiduciary Duty to Coduct Independent Investigation and EvaluationThe courts have consistently held that plans have a fiduciary duty to conduct an independent and objective investigation and evaluation of the each investment included … Continue reading
Posted in 401k, 401k compliance, 401k investments, 401k litigation, 401k plan design, 401k plans, 401k risk management, 403b, 404c, Annuities, best interest, compliance, consumer protection, defined contribution, ERISA, ERISA litigation, evidence based investing, fiduciary, fiduciary compliance, fiduciary duty, fiduciary law, fiduciary liability, fiduciary liability, Fiduciary prudence, fiduciary prudence, fiduciary responsibility, fiduciary risk management, fiduciary standard, investments, pension plans, plan advisers, plan sponsors, prudence, retirement planning, retirement plans, risk management, wealth management, wealth preservation
Tagged 401k, 401k compliance, 404c compliance, compliance, fiducairy risk management, fiduciary, fiduciary investing, fiduciary law, fiduciary liability, Fiduciary litigation, fiduciary loyalty, Fiduciary prudence, fiduciary responsibility, fiduciary risk management, pension plans, retirement plans
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In-Plan Annuities and Fiduciary Risk Management: Guaranteed Income vs. Commensurate Return
James W. Watkins, III, J.D., CFP EmeritusTM, AWMA® A common question I am receiving is “What are the fiduciary liability issues with in-plan annuities?” A reccent LIMRA study found that plan sponsors are citing a desire to provide retirement income … Continue reading
Posted in 401k, 401k risk management, Annuities, consumer protection, ERISA, ERISA litigation, fiduciary, fiduciary compliance, fiduciary duty, fiduciary law, fiduciary liability, fiduciary liability, Fiduciary prudence, fiduciary prudence, fiduciary responsibility, fiduciary risk management, fiduciary standard, pension plans, prudence, risk management
Tagged 401k, ERISA, fiduciary, fiduciary investing, fiduciary law, fiduciary liability, Fiduciary litigation, fiduciary loyalty, Fiduciary prudence, fiduciary responsibility, retirement plans, risk management
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Chief Judge of the 5th Circuit Calls Out His Brethren on Decision to Stay the DOL’s Retirement Security Rule
Congress passed ERISA in 1974 as a “comprehensive statute designed to promote the interests of employees and their beneficiaries in employer benefit plans.”1 The past fifty years has seen significant changes in the market and in the number and types … Continue reading
Posted in 401k, 401k compliance, 401k investments, 401k litigation, 401k plan design, 401k plans, 401k risk management, Annuities, Conflicts of Interest, consumer protection, DOL, DOL fiduciary standard, ERISA, ERISA litigation, fiduciary, fiduciary compliance, fiduciary duty, fiduciary law, fiduciary liability, fiduciary liability, fiduciary prudence, fiduciary responsibility, fiduciary standard, investment advisers, IRA, IRAs, pension plans, plan advisers, plan sponsors, prohibited transactions, wealth management
Tagged compliance, DOL rule, ERISA, fiduciary, fiduciary law, Fiduciary litigation, Retirement Security Rule
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Deja Vu All Over Again?: Is the Annuity Industry Serving a Second Round of Annuity Misrepresentations Kool-Aid?
Bradley Campbell of Faegre Drinker recently commented on the unusual strength of the language in the Fifth Circuit’s “Memorandum Opinion and Order” staying the DOL’s Retirement Security Rule.1 Given distristrict court Chief Judge Lynn’s earlier well-reasoned analysis and opinion in … Continue reading
Posted in 401k, 401k litigation, 401k plan design, 401k risk management, Annuities, best interest, compliance, Conflicts of Interest, consumer protection, DOL, DOL fiduciary rule, DOL fiduciary standard, ERISA, ERISA litigation, fiduciary, fiduciary compliance, fiduciary duty, fiduciary law, fiduciary liability, fiduciary liability, fiduciary prudence, investment advisers, investments, IRA, pension plans, plan advisers, plan sponsors, retirement plans, SCOTUS
Tagged Annuities, compliance, Conflicts of Interest, ERISA litigation, fiduciary, fiduciary law, Fiduciary litigation, retirement plans, Retirement Security Rule, wealth management
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Written Testimony of James W. Watkins, III, J.D., CFP Board Emeritus™, AWMA® before the DOL – July 10, 2024
InvestSense, LLC Testimony of James W. Watkins, III, J.D., CFP Board Emeritus™, AWMA® re QDIAs and Annuities as QDIAs In my practice, I often refer to as the “fiduciary responsibility trinity” (Trinity). The Trinity consists of the Tibble v. Edison International1 (Tibble … Continue reading
Posted in 401k, 401k compliance, 401k investments, 401k plan design, 401k plans, 401k risk management, Annuities, consumer protection, cost consciousness, cost-efficiency, defined contribution, ERISA, fiduciary, fiduciary compliance, fiduciary duty, fiduciary law, fiduciary liability, fiduciary liability, Fiduciary prudence, fiduciary prudence, fiduciary responsibility, fiduciary risk management, investments, pension plans, prudence, retirement plans, risk management, wealth management
Tagged 401k compliance, Annuities, ERISA, fiduciary, fiduciary duty, fiduciary investing, fiduciary law, Fiduciary prudence, investor protection, QDIAs, retirement plans
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Fiduciary Prudence – Don’t Make the Process Harder Than It Is!
“Don’t make the process harder than it is.” – Jack Welch, former GE CEO When I meet with a prospective client, this is what I always tell them. Then I show them how their current plan is exposing them to … Continue reading
Posted in 401k, 401k compliance, 401k investments, 401k litigation, 401k plan design, 401k plans, 401k risk management, 404c, 404c compliance, Active Management Value Ratio, AMVR, Annuities, asset allocation, compliance, consumer protection, cost consciousness, cost-efficiency, Cost_Efficiency, ERISA, ERISA litigation, fiduciary, fiduciary compliance, fiduciary duty, fiduciary law, fiduciary liability, fiduciary liability, Fiduciary prudence, fiduciary prudence, fiduciary responsibility, fiduciary risk management, fiduciary standard, investment advisers, investments, Mutual funds, pension plans, plan advisers, plan sponsors, prudence, risk management, securities compliance, wealth management, wealth preservation
Tagged 401k, 401k compliance, 404c compliance, compliance, ERISA, fiduciary, fiduciary investing, fiduciary law, fiduciary liability, fiduciary oversight, Fiduciary prudence, fiduciary responsibility, fiduciary risk management, investment advisers
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