Federal Court Orders Prison Term after Benefit Plan Theft
A Maryland business owner will serve one year and one day of imprisonment and pay more than $350,000 in restitution for violations of the Employee Retirement Income Security...
Tag: EBSA
DOL’s Ongoing Project Looks Into Retirement Plan Investments and Fees
The Department of Labor’s (DOL)’s Employee Benefit Security Administration’s (EBSA)’s Plan Investment Conflicts (PIC) project investigates issues related to fiduciary service provider compensation and conflicts of interest in...
Participants in Abandoned Plan Get Help From DOL
A court appointed an independent fiduciary to distribute assets to the remaining plan participants.
Court Orders Business Owner to Prison for Embezzling 401(k) Funds
The court-ordered restitution includes $69,000 in employee and matching employer contributions, as well as lost earnings due to the 401(k) plan, and approximately $4.3 million for fraudulent loans...
EBSA Wins Judgement Against Cambridge Technology Group
According to EBSA Regional Director Michael Schloss, Cambridge Technology Group and its CEO made it nearly impossible for retirement plan participants to access their funds; both have been...
Industry Left Confused by DOL’s ESG ‘Clarification’
A review of industry commentary dissecting the DOL’s recently published Field Assistance Bulletin on the topic of ESG investments suggests the “sub-regulatory guidance” has left a lot of...
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...
DOL Secures Prison Time for Two Florida ERISA Fraudsters
A pair of former executives of First Farmers Financial are being punished for their involvement in the sale of $179 million in fraudulent loans to a Milwaukee company...
Judge Rejects Parts of DOL ESOP Expert Commentary in Fiduciary Breach Litigation
A complicated decision out of a Virginia district court weighs the merits of third-party expert commentary in ERISA litigation, in this case pertaining to an allegedly improper ESOP...
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.
EBSA Restores $1.1B to Benefit Plans, Participants and Beneficiaries
Nearly $700 million was in recoveries from enforcement actions.
President Trump’s EBSA Nominee Wins Full Senate Approval
The Senate HELP Committee cleared Preston Rutledge’s nomination earlier in December; now the full Senate has approved his nomination to a post in which he will play a...
Senate HELP Committee Advances EBSA Nominee Rutledge
The advancement of President Trump’s nominee to serve as the Assistant Secretary of Labor for the Employee Benefits Security Administration might not grab mainstream media headlines, but it...
PANC 2017: Washington Update
Wagner Law Group attorney underscores: The fiduciary rule is in effect.