Archived News Release — Caution: Information may be out of date.

Washington, DC - As part of its continuing effort to update and streamline the annual reporting process, the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) has published a proposed regulation that would require plans to file the Form 5500 Series report electronically beginning with plan filings due in 2008.

WASHINGTON—The U.S. Department of Labor (DOL) issued a final rule today that fully implements the Wage Determinations OnLine (WDOL) Internet Web site at www.wdol.gov. The new rule updates existing regulations to allow contracting agencies to request and obtain wage determinations through the online services provided by the Web site.

Archived News Release — Caution: Information may be out of date.

St. Paul, Minnesota - Former trustees of Eagan, Minnesota-based Online Data Incorporated 401(k) Profit Sharing Plan have been ordered to restore $19,978.98 in delinquent employee contributions and lost earnings to the plan. The court order also provides for the resignation of the former trustees as fiduciaries for the plan, the U.S. Labor Department announced today.

WASHINGTON—The U.S. Department of Labor's Office of Labor-Management Standards (OLMS) will publish in Monday's Federal Register a Notice of Proposed Rulemaking to update the Form LM-30, required by the Labor-Management Reporting and Disclosure Act of 1959 (LMRDA). The LM-30 disclosure form must be used by labor union officers and employees to report potential financial conflicts of interest.

WASHINGTON—The Office of Labor-Management Standards (OLMS) will publish a Request for Information in Monday's Federal Register to solicit public comments on whether the Labor Department should issue guidelines on section 501(a) of the Labor-Management Reporting and Disclosure Act (LMRDA). Section 501 imposes a fiduciary obligation on officers, agents, shop stewards and other representatives of labor organizations.

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Cincinnati, Ohio - The U.S. Department of Labor has obtained a judgment requiring that $38,247.72 be restored to employees’ 401(k) plan and permanently barring the president of Whitney Electric Corporation Inc., Maumee, Ohio, from serving in a fiduciary capacity for employee benefit plans governed by the Employee Retirement Income Security Act (ERISA).

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Boston, Massachusetts - Raymond Paolo, trustee of the Log On America Inc.’s 401(k) plan, has agreed to restore $12,664 to settle a U.S. Department of Labor lawsuit alleging violations of the Employee Retirement Income Security Act (ERISA). The Providence, Rhode Island-based company filed for bankruptcy in summer 2002 and went into liquidation around the end of that year.

Archived News Release — Caution: Information may be out of date.

Archived News Release — Caution: Information may be out of date.

Chicago, Illinois - The U.S. Department of Labor has sued the trustees of the Northwest Indiana District and Regional Councils of the Carpenters’ Pension Trust Fund and the owners of Sand Creek Sales and Development Inc. to recover plan losses on a $10 million land investment in the Coffee Creek real estate development in Chesterton, Ind. Assets of the pension plan were used to purchase the real estate from Sand Creek Sales and Development.

Archived News Release — Caution: Information may be out of date.

Washington, DC - The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) today adopted final amendments to update financial standards and streamline record-keeping requirements of a widely used class exemption available with respect to plans whose assets are managed by qualified professional asset managers (QPAMs).

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Fairfield, New Jersey - The U.S. Department of Labor has sued to obtain appointment of an independent fiduciary to terminate the 401(k) plan of defunct JAWZ USA Inc., Fairfield, New Jersey and distribute its assets to the participants. The company ceased operations in 2001.

The suit was filed in the U.S. District Court for the District of New Jersey under the Employee Retirement Income Security Act (ERISA).

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Cleveland, Ohio - The U.S. Department of Labor today sued the trustees of the Cleveland-based Sheet Metal Workers Local 33 pension plan for imprudently investing plan assets in risky private investments with Capital Consultants LLC (CCL) of Portland, Oregon. The department’s suit seeks to restore all losses on the investments.

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Philadelphia, Pennsylvania - A New Jersey grand jury indicted the owner of Knight Contracting Company, Clarksburg, New Jersey, on one count of theft for failing to forward approximately $500,000 in employee contributions to the company’s pension plan.

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Atlanta, Georgia - The U.S. Department of Labor has sued bankrupt Terry Manufacturing Company Inc. of Roanoke, Alabama, and two company officers and trustees of its 401(k) plan, for failing to remit and timely forward approximately $165,000 in employee contributions and interest to the plan.

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Kansas City, Missouri - The U.S. Department of Labor has obtained a court order appointing an independent fiduciary to manage the abandoned 401(k) plans of Guy’s Acquisition Company. The suit also asks to distribute almost $20,000 to 48 eligible participants and to terminate the plans.

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Los Angeles, California - Margo Wainwright Harris pled guilty to misrepresenting to the Labor Department that more than $80,000 owed to the money purchase retirement plan of the Frederick Douglass Child Development Center Inc. in Los Angeles had been repaid. Her plea came after the first week of a criminal trial in federal district court following an indictment that was issued in March 2005.

Archived News Release — Caution: Information may be out of date.

Archived News Release — Caution: Information may be out of date.

Detroit, Michigan - The U.S. Department of Labor has obtained a consent judgment restoring $17,928.30 to two Gladstone, Michigan-based Lakeside Machine, Inc. profit sharing & salary deferral plans – one for salaried employees and the other a collectively bargained employee plan.

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New York, New York - The U.S. Labor Department sued the fiduciaries of the 401(k) plan of the bankrupt Standard Automotive Corporation, headquartered in Hillsborough Township, New Jersey, for alleged misuse of more than $800,000 in plan assets to pay improper legal expenses.

Archived News Release — Caution: Information may be out of date.

Somerset, New Jersey - Richard J. Valenti, owner of Valairco Inc., Green Brook, New Jersey, pled guilty to the theft of $105,707 of employee benefit plan assets from the company’s 401(k) plan. Valenti has already made restitution to the plan.