Court Orders Past Trustee to Reimburse Plan Beneficiaries
The former owner is also barred from serving as a fiduciary, trustee, agent, or representative to an employee benefit plan.
Tag: Department of Labor
DOL Wins Restitution of Misused 401(k) Assets
A federal district court has ordered eye-care company Eye Centers of Tennessee LLC, its owner Dr. Larry E. Patterson, and its office administrator Raymond K. Mays to pay...
ESOP Participants to Receive More Than $2 Million for Overpayment of Stock
A federal district court has entered a consent judgment requiring the fiduciaries of the Sonnax Industries’ employee stock ownership plan (ESOP) to pay $2,225,000 to the plan.
Inappropriate Investments, Excessive Fees, Self-Dealing Most Common Reasons for ERISA Lawsuits
The rise in lawsuits is prompting more sponsors to turn to lower-cost index funds—and could prevent them from offering lifetime income products.
DOL Fiduciary Responsibilities Seminar to Be Held in NYC
The seminar will be held in Queens in New York City on May 17.
Rhode Island the Next Stop for DOL Fiduciary Seminar
The “Getting It Right – Know Your Fiduciary Responsibilities” seminar will be held in Providence, Rhode Island, on June 28.
Court Finds Pension Trustee Guilty of Embezzlement
The trustee is ordered to pay $234,271 in restitution, serve a year of probation and is barred from serving as a fiduciary to a benefit plan for 13...
DOL Announces Fiduciary Responsibilities Seminar in Louisiana
The event will be held in Metairie, Louisiana, on April 11.
Compliance News
Legislative and Judicial Actions
Rutledge Takes EBSA HelmThe Department of Labor (DOL) has appointed Preston Rutledge head of its Employee Benefits Security Administration (EBSA)....
Employee Gets Jail Time for Embezzling 401(k) Funds
A former office manager of New England Anesthesiologists, Inc. was found guilty of embezzling $120,313 in employee deferrals.
DOL Sues Retirement Plan Fiduciaries for Misusing Plan Assets
A federal district court judge entered a judgment requiring Michael Lewis, former president of Acme Orthotics and Prosthetic Laboratories Inc., to restore $128,535.75 in losses owed to the...
More Advisers Hope to Switch to Independent RIA Model
A TD Ameritrade survey found interest in becoming an independent RIA among advisers is high, yet uncertainty about the future is keeping most from making their move.