DOL Appoints Independent Fiduciary to Abandoned Plan
Fiduciaries of the Sacred Heart Hospital Profit-Sharing 401(k) Plan failed to administer the plan after the hospital operations ceased in...
Tag: EBSA
Business Owner to Serve Prison Time for 401(k) Plan Embezzlement
A multi-agency investigation found that from approximately May 2011 through August 2012, the business owner unlawfully embezzled and converted approximately...
Court Orders Independent Plan Fiduciary for Cambridge Technology Group
The DOL found the company's president and CEO did not process any distribution requests submitted by 401(k) plan participants, among...
DOL’s ESG Investing Bulletin Raises Important Questions for Plan Fiduciaries
Given some of the strong language used to warn retirement plan fiduciaries against placing other interests ahead of the financial...
401(k) Plan Trustees Ordered to Pay Back Misused Funds
A DOL investigation found the trustees used plan assets for businesses and properties owned by themselves and family members.
Judge Rules on DOL ESOP Challenge with Mixed Results
The mixed decision comes after DOL moved for summary judgement; the defendants responded by moving to exclude key testimony from...
DOL Announces Fiduciary Seminar in New York City
The compliance assistance program will increase awareness and understanding about basic fiduciary responsibilities when operating a retirement plan.
DOL Announces Fiduciary Seminar in Rhode Island
The compliance assistance program will increase awareness and understanding about basic fiduciary responsibilities when operating a retirement plan.
Former CEO of Pharmaceutical Benefits Management Company Sentenced for Kickback Scheme
The CEO pled guilty last year for paying illegal kickbacks to producers in an effort to steer employee health benefit...
Pension Trustee Found Guilty of Theft
The trustee is ordered to pay $234,271 in restitution, serve a year of probation and be barred from serving as...
Employee Convicted of Embezzling $120K from 401(k) Plan
A former office manager of New England Anesthesiologists, Inc. has been sentenced to 37 months in federal prison and to...
Reports Suggest Massive Fraud in DOL Fiduciary Rule Commentary Process
So far, reporting seems to suggest that the numerous fraudulent comments submitted to DOL regarding the fiduciary rule were done...
New EBSA Leader Preston Rutledge Takes Up Trump Agenda
Following news of Preston Rutledge’s approval by the full Senate to head the Employee Benefits Security Administration, several retirement industry...
Multiemployer Plan Fund Manager Sentenced for Fund Theft
In addition to being barred as serving as a fiduciary for five years, the fund manager is ordered to make...
EBSA Nominee Rutledge Advances Through Senate Help Committee
Preston Rutledge seems to be enjoying relatively little opposition as he moves closer to becoming the Assistant Secretary of Labor...
Trump Eying Top Aide to Sen. Hatch for Lead EBSA Role
The future head of EBSA would play a substantial role in the fate of the fiduciary rule.
Actuaries Propose Simplified Pension Funding Notices
The Annual Funding Notice requirements implemented by the Pension Protection Act have been somewhat helpful but could be significantly improved,...
Regulators Have Big Agendas Still for 2017
On the IRS’ list are rules and guidance for which it still plans to issue a Notice of Proposed Rulemaking...
Trustee Found Liable for Diversification Failures
At various times between 2006 and 2009, according to EBSA findings, the plan was 100% invested in stock warrants.
Business Owner Pleads Guilty to Theft From 401(k) Plan
The business owner tried to blame other employees until she met with a DOL investigator.