The trustee is ordered to pay $234,271 in restitution, serve a year of probation and be barred from serving as a fiduciary to a benefit plan for 13 years.
Tag: Department of Labor
The compliance assistance program will increase awareness and understanding about basic fiduciary responsibilities when operating a retirement plan.
A former office manager of New England Anesthesiologists, Inc. has been sentenced to 37 months in federal prison and to pay restitution to his victims.
During a webcast sponsored by Mercer, implications of the AARP v. EEOC lawsuit ruling were discussed.
Michael Barry, president of the Plan Advisory Services Group, discusses the efforts—or lack thereof—of the Trump DOL regarding the fiduciary rule and other initiatives.
The Department of Labor found fiduciaries failed to remit salary deferrals and loan repayments and withdrew assets from the plan trust to use for non-plan purposes.
Employer and employee contributions to the multiple employer welfare arrangement were found in offshore Bermuda accounts.
Specific policy changes and plan sponsor initiatives can make guaranteed lifetime income a norm in the DC plan space, TIAA suggests.
The mutual-fund based program also offers an in-plan retirement income option and access to 3(38) fiduciary services.
The relief regards verification procedures for plan loans and distributions, participant contributions and loan payments, blackout notices, and group health plan compliance.
The Department of Labor recommends the incorporation of workforce demographics into QDIA design; different providers have different philosophies about the best way to do this.