Compliance December 9, 2013

American Samoan Plan Sponsor Failed to Administer Plan

December 9, 2013 (PLANSPONSOR.com) – The Department of Labor (DOL) obtained a court order assigning a new fiduciary for a retirement plan sponsored by an employer in American Samoa.
Reported by

A lawsuit was filed by the DOL in April, Perez v. Samoa Aviation Inc. (Docket No.: 13-CV-00674-CJC (PLAx)), in the U.S. District Court for the Central District of California on behalf of the participants of the Samoa Aviation Inc. 401(k) Profit Sharing Plan.

As a fiduciary of the plan, Samoa Aviation Inc. failed to administer the plan, resulting in participants being unable to obtain distributions of their individual plan accounts. The plan had 53 participants and assets totaling $235,693 as of June 30.

For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.

In response to the DOL’s suit, the District Court entered a default judgment and order against Samoa Aviation Inc., which removed it from serving as the plan’s fiduciary and appointed an independent fiduciary to administer the plan and distribute the assets to the participants.

The full text of the court’s judgment and order document can be downloaded here.

Compliance December 9, 2013

DOL Coming to New York City

December 9, 2013 (PLANSPONSOR.com) – Plan sponsors can get their fiduciary responsibility questions answered during a Department of Labor (DOL) seminar in New York City.
Reported by

The agency’s Employee Benefits Security Administration (EBSA) is hosting its “Getting It Right – Know Your Fiduciary Responsibilities” seminar in the city on Tuesday, January 7, 2014.

The seminar topics include:

Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.

  • Understanding your plan and your responsibilities;
  • Carefully selecting and monitoring service providers;
  • Making contributions on time;
  • Avoiding prohibited transactions; and
  • Making appropriate disclosures to plan participants and filing annual reports to the government on time.

 

The seminar will be at the Jacob Javits Federal Building, 6th Floor Conference Center, 26 Federal Plaza, from 8:30 a.m. to 4:30 p.m., Eastern Standard Time.

More information and a link to the registration form are here.

«