Benefits February 2, 2004

Job Seekers Can Check Background Before Their Boss

February 2, 2004 (PLANSPONSOR.com)-Starting Monday, job applicants using Yahoo!'s HotJobs.com will be able to perform a background check on themselves to make certain the information is correct before potential employers see it.
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Yahoo!’s HotJobs.com has partnered with ChoicePoint Inc., a data vendor that collects and sells financial, legal, and personal information, which will perform the background check.

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A basic background check will be available for $24.95, which will include a check of public records that pertain to an individual, including criminal records from every state. For additional fees, a more extensive report will be available. The information comes from courthouse records, credit reports, telephone directories, school records, and is verified by ChoicePoint employees.

Once the background check is complete and reviewed, the person receiving the information has the option of sending a link to a prospective employer.

The service is only offered to those people looking for background information about themselves; no third parties will be allowed to use this service. To ensure this, ChoicePoint says there will be an involved identity verification service in which an applicant will be asked numerous questions that only they would know the answers to. If someone gets a certain number of answers incorrect, they will have to call ChoicePoint to verify their identity and access their information.

Administration February 1, 2004

Banc of America Securities Slapped With SEC "Wells Notice"

January 2, 2004 (PLANSPONSOR.com) - Bank of America Corp.'s securities arm revealed Friday that the US Securities and Exchange Commission might take civil action against it - possibly an injunction - relating to trading activities at the unit's San Francisco office.
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Banc of America Securities said it has received a “Wells notice” from the SEC, which charged that it violated books and records retention laws by improperly storing documents relevant to an investigation and by not producing requested documents quickly enough, according to news reports.

The case deals with a November 2001 SEC inquiry, according to the unit of Charlotte, North Carolina-based Bank of America, third biggest US bank. Banc of America Securities officials said they are cooperating with investigators and taking advantage of a provision in the Wells notice, which gives the subject an opportunity to present a defense to show why an action should not be brought.

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Eloise Hale, a Bank of America spokeswoman, wouldn’t reveal the subject of the inquiry, or whether any personnel actions have taken place as a result, but said the inquiry has nothing to do with mutual funds.

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