Advocates for the protection of retirees’ pensions and benefits say the telecom firm has ‘shamefully discarded 97,000 loyal retirees’ in pension risk transfers over the years.
Central States was granted $127 million that it was not entitled to because the PBGC counted over 3,000 deceased participants when calculating the size of the grant.
Attorneys for the plaintiffs in a case about cybersecurity liability for participant data asked a Georgia federal judge for final approval of a multimillion dollar settlement .
The organizations plan to conduct research and educate plan sponsors and participants on fraudulent activity in retirement plans to increase awareness of the rampant issue.
The vote was held in a closed session and advanced by a party-line vote; meanwhile, the Senate committee chaired by Bernie Sanders ponders a return for DB plans.
The plan sponsor and its advisers proved they had conducted the appropriate due diligence in selecting funds and managing the retirement plan, the judge concluded.
Ali Khawar, of the Employee Benefit Security Administration, indicated that the agency may be set to finalize amendments to the fiduciary correction program in the coming months.