Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.
Compliance April 30, 2008
DC Lawyer Barred from ERISA Plan Service
April 30, 2008 (PLANSPONSOR.com) - A federal judge
has permanently barred a District of Columbia lawyer from
servicing any Employee Retirement Income Security Act (ERISA)
plans after the attorney was charged with helping improperly
transfer retirement plan assets.
Reported by Fred Schneyer
A Department of Labor (DoL) news release said David Johnston is now prohibited from providing advice or other services to an ERISA program.
A DoL suit charged that Johnston knowingly helped move retirement plan assets to companies affiliated with the president of SCT Yarns, Kenneth H. Combs Jr., and received fees as a result of the improper asset movement.
The Pension Benefit Guaranty Corporation took over the two retirement plans from the bankrupt Chattanooga-based SCT in 2001. The plans cover 771 participants, according to the DoL.
You Might Also Like:
DOL Asks for Budget Increase to Implement SECURE 2.0
The anticipated final retirement security proposal did not feature anywhere in the budget proposal.
DOL Finalizes QPAM Rule
Qualified professional asset managers can now be disqualified for foreign convictions and domestic non-prosecution agreements.
DOL Answers Appeal in ESG Rule Litigation
The ESG rule was upheld in a Texas district court, but was appealed to the 5th Circuit in October 2023.