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- DOL/EBSA Field Assistance Bulletin 2026-01 Is Not Entitled to Judicial Deference Under The Loper Bright Decision
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- Terminal Wealth: The True Fiduciary Prudence Paradigm with Regard to the In-Plan Annuity Scam
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Tag Archives: fiduciary liability
An Inconvenient Truth: Cost-Inefficiency and Closet Indexing in 401(k) Plans
“Facts do not cease to exist because they are ignored” – Aldous Huxley The Sixth Circuit Court of Appeals’ recent decision in the CommonSpirit Health (CommonSpirit)1 401(k) action has brought renewed attention to several key 401(k) compliance and fiduciary liability … Continue reading
Posted in 401k, 401k compliance, 401k investments, 403b, Active Management Value Ratio, AMVR, best interest, closet index funds, compliance, consumer protection, cost consciousness, cost efficient, cost-efficiency, ERISA, ERISA litigation, fiduciary compliance, fiduciary duty, fiduciary law, fiduciary liability, fiduciary liability, Fiduciary prudence, fiduciary prudence, fiduciary responsibility, investments, Mutual funds, pension plans, plan sponsors, prudence, Reg BI, retirement plans, risk management, wealth management, wealth preservation
Tagged 401k, 401k compliance, 403b, compliance, ERISA, fiduciary, fiduciary investing, fiduciary law, fiduciary liability, Fiduciary prudence, fiduciary responsibility, investment advisers, plan participants, plansponsors, retirement plans
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“Meaningful Choices”: Cost-Efficiency, the CommonSpirit Health decision, and the Future of 401(k) Litigation
Recently, the Sixth Circuit handed down its decision in the Smith v. CommonSpirit Health (“CommonSpirit) 401(k) action.1 My immediate reaction was “hello again SCOTUS,” as once again we have inconsistent and irreconcilable rulings between two circuits involving ERISA litigation The … Continue reading
Posted in 401k, 401k compliance, 401k investments, 403b, Active Management Value Ratio, AMVR, best interest, closet index funds, cost consciousness, cost efficient, cost-efficiency, ERISA, ERISA litigation, fiduciary compliance, fiduciary duty, fiduciary law, fiduciary liability, fiduciary liability, Fiduciary prudence, fiduciary prudence, fiduciary responsibility, fiduciary standard, investment advisers, investments, Mutual funds, pension plans, plan sponsors, prudence, Reg BI, wealth management, wealth preservation
Tagged 401k, 401k compliance, compliance, cost-efficiency, ERISA, ERISA litigation, fiduciary, fiduciary investing, fiduciary law, fiduciary liability, Fiduciary prudence, fiduciary responsibility, investment advisers, plansponsors, retirement plans
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Redefining Fiduciary Prudence for 401(k) Plan Sponsors
by James W. Watkins, III, J.D., CFP®, AWMA® The legal requirement for prudence, as defined in ERISA Section 404(a)(1)(B), is for a fiduciary to discharge his or her duties with: “the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent man acting in a … Continue reading
Posted in 401k, 401k compliance, 401k investments, 403b, Active Management Value Ratio, AMVR, closet index funds, compliance, consumer protection, cost consciousness, cost efficient, cost-efficiency, DOL fiduciary rule, ERISA, ERISA litigation, fiduciary compliance, fiduciary duty, fiduciary law, fiduciary liability, fiduciary liability, Fiduciary prudence, fiduciary prudence, fiduciary responsibility, investment advisers, investments, pension plans, plan sponsors, prudence, retirement plans, risk management
Tagged 401k, 401k compliance, Active Management Value Ratio, AMVR, compliance, ERISA, fiduciary, fiduciary investing, fiduciary law, fiduciary liability, Fiduciary prudence, fiduciary responsibility, investment advisers, plan sponsors, retirement plans
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Heuristics, Cognitive Biases and 401(k)/403(b) Fiduciary Decision-Making
The number of 401(k)/403(b) cases continues to grow. And it will continue to do so unless and until plan sponsors take the time to truly understand their legal responsibilities and adjust their plans accordingly. I am on record as saying … Continue reading
Posted in 401k, 401k compliance, 401k investments, 403b, Active Management Value Ratio, ERISA, ERISA litigation, fiduciary compliance, fiduciary duty, fiduciary law, fiduciary liability, fiduciary liability, Fiduciary prudence, fiduciary prudence, fiduciary responsibility, fiduciary standard, investments, retirement plans, wealth management, wealth preservation
Tagged 401k, 401k compliance, 401k litigation, 403b, ERISA, ERISA litigation, fiduciary, fiduciary investing, fiduciary law, fiduciary liability, fiduciary responsibility, investment advisers, plansponsors, retirement plans, trustees, trusts
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3Q 2021 Top Ten 401(k) AMVR “Cheat Sheet”
When InvestSense prepares a forensic analysis for a 401(k)/403(b) pension plan, a trust, an attorney, or an institutional client, we always do an analysis over five and ten-year time periods to analyze the consistency of performance. Since so many social … Continue reading
Posted in 401k, 401k investments, Active Management Value Ratio, AMVR, asset allocation, consumer protection, cost consciousness, cost-efficiency, Cost_Efficiency, Fiduciary prudence, fiduciary responsibility, financial planning, prudence, retirement planning, wealth management, wealth preservation
Tagged 401k compliance, ERISA, fiduciary, fiduciary investing, fiduciary law, fiduciary liability, Fiduciary prudence, fiduciary responsibility, Mutual funds, retirement plans, wealth management, wealth preservation
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Non-Commission Annuities: The “New” Fiduciary Annuity Trap
“Equity abhors a windfall.” Fiduciary law is largely based on trust, agency and equity law, with an emphasis on fundamental fairness. Any situation in which a fiduciary benefits at a beneficiary’s expense is a potential breach of the fiduciary’s duties. … Continue reading
Posted in 401k, 401k compliance, 401k investments, Annuities, compliance, consumer protection, cost-efficiency, ERISA, ERISA litigation, fiduciary compliance, fiduciary law, fiduciary liability, Fiduciary prudence, fiduciary responsibility, investment advisers, prudence, Reg BI, RIA Compliance, RIA marketing, securities compliance, wealth management, wealth preservation
Tagged 401k, 401k compliance, 403b, Active Management Value Ratio, best interests, BICE, compliance, ERISA, ERISA litigation, fiduciary, fiduciary investing, fiduciary law, fiduciary liability, Fiduciary prudence, investment advisers, prudence, RIA compliance, RIA risk management, wealth management, wealth preservation
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Modern Portfolio Theory, the Prudent Investor Rule and Fiduciary Investing
Given the volatility of today’s stock market, the subject of fiduciary investing is a timely topic. A fiduciary relationship creates the highest duty imposed by law, requiring that a fiduciary always put a client’s interests first and act solely on … Continue reading
Posted in 401k, Active Management Value Ratio, AMVR, DOL fiduciary rule, DOL fiduciary standard, ERISA, fiduciary compliance, fiduciary law, fiduciary liability, Fiduciary prudence, fiduciary responsibility, fiduciary standard, prudence, wealth management, wealth preservation
Tagged ERISA, fiduciary, fiduciary investing, fiduciary law, fiduciary liability, Fiduciary prudence, fiduciary responsibility
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The Active Management Value Ratio: Quantifying the “New” Fiduciary Prudence
Right now, the DOL and the SEC are trying to define “prudence” and “best interest,” respectively. I am on record as saying that the simplest and most logical step would be one, universal standard of prudence, using the Investment Advisor’s … Continue reading
Posted in 401k, 401k compliance, 401k investments, 403b, Active Management Value Ratio, cost-efficiency, DOL fiduciary rule, fiduciary compliance, fiduciary liability, Fiduciary prudence, fiduciary responsibility, pension plans, retirement planning, retirement plans, wealth preservation
Tagged 401k, 403b, ERISA, fiduciary, fiduciary liability, fiduciary responsibility, investment advisers, plan sponsors, retirement plans, wealth preservation
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4Q 2019 AMVR Cost-Efficiency Analysis
I apologize for the delay in posting the 4Q 2019 AMVR Cost-Efficiency Analysis. I have been involved in a legal battle involving my investor advocacy/education blog, “CommonSense InvestSense.” Fortunately, the matter has been resolved and the blog is back online. … Continue reading
Posted in 401k, 401k compliance, 401k investments, 403b, 404c, 404c compliance, Active Management Value Ratio, AMVR, closet index funds, compliance, consumer protection, cost consciousness, cost-efficiency, ERISA, ERISA litigation, fiduciary compliance, fiduciary law, fiduciary liability, Fiduciary prudence, fiduciary standard, investment advisers, investments, pension plans, prudence, retirement plans, RIA, RIA Compliance, risk management, wealth management, wealth preservation
Tagged 401k, 401k compliance, 403b, 404c, 404c compliance, Active Management Value Ratio, AMVR, compliance, ERISA, fiduciary, fiduciary investing, fiduciary law, fiduciary liability, Fiduciary prudence, investment advisers, investment analysis tools, pension plans, prudence, retirement plans, RIA, wealth management, wealth preservation
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“Petition Denied”: Fiduciary Investing After Brotherston
On January 13, 2020, SCOTUS officially denied Putnam Investment, LLC’s petition for writ of certiorari to review the First Circuit Court of Appeals’ decision in Brotherston v. Putnam Investments, LLC. The First Circuit had ruled that plan sponsors have the … Continue reading
Posted in 401k, 401k compliance, 401k investments, 403b, 404c, 404c compliance, Active Management Value Ratio, AMVR, closet index funds, clsoet index funds, compliance, cost consciousness, cost efficient, cost-efficiency, ERISA, ERISA litigation, fiduciary compliance, fiduciary law, fiduciary liability, Fiduciary prudence, fiduciary standard, financial planning, investment advisers, investments, pension plans, prudence, retirement plans, risk management, wealth management, wealth preservation
Tagged 401k, 401k compliance, 403b, 404c, 404c compliance, Active Management Value Ratio, AMVR, fiduciary, fiduciary investing, fiduciary law, fiduciary liability, Fiduciary prudence, fiduciary standard, financial planning, investment advisers, investment analysis tools, pension plans, wealth management, wealth preservation
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The Prudent Investment Fiduciary Rules 
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