Compliance August 31, 2012

Ill. Company to Restore $2.7M to 401(k)

August 31, 2012 (PLANSPONSOR.com) - Elmhurst, Illinois-based A.B.D. Tank & Pump Co. has been ordered to restore $2,767,051 to the company’s retirement plan.
Reported by

A lawsuit following an investigation by the U.S. Department of Labor’s Employee Benefits Security Administration alleged Keith Davis, the company’s president and sole owner, depleted the assets of the plan through a series of withdrawals and transfers to himself and the company from December 6, 2006, through November 4, 2010, in violation of the Employee Retirement Income Security Act (ERISA).  

The A.B.D. Tank & Pump Co. 401(k) & Profit Sharing Plan & Trust was established in 1992. Davis is the plan’s trustee.   

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

The court order requires A.B.D. Tank & Pump Co. to restore all losses, including lost opportunity costs, to the retirement plan, and permanently bars A.B.D. Tank & Pump Co. from serving as a fiduciary or service provider to any employee benefit plan governed by ERISA in the future. The complaint against Davis remains pending.
Products August 30, 2012

Pentegra to Provide Retirement Products for New York Banks

August 30, 2012 (PLANSPONSOR.com) - Pentegra Retirement Services’ retirement plan products have been selected for members of the Independent Bankers Association of New York State (IBANYS).
Reported by

IBANYS members will have access to Pentegra’s qualified retirement plan products, bank-owned life insurance (BOLI), and nonqualified-plan products. Pentegra assumes a fiduciary role, which helps banks and their boards with fiduciary responsibilities associated with sponsoring a retirement plan.   

Pentegra currently provides its products and services to more than 700 financial institution clients sponsoring over 1,200 retirement plans nationwide.   

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

More information is at http://www.pentegra.com.

«