June 24, 2009

U.S. Labor Department to sponsor free compliance assistance seminar for retirement plan fiduciaries in Atlanta

Atlanta – The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) will sponsor “Getting It Right – Know Your Fiduciary Responsibilities,” a free compliance assistance seminar in Atlanta on July 9 at the Federal Reserve Bank of Atlanta, 1000 Peachtree Street NE.

June 15, 2009

U.S. Labor Department and SEC to hold hearing on target date funds and similar investment options

Washington — The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) and the U.S. Securities and Exchange Commission (SEC) jointly will hold a public hearing on June 18 to hear testimony on the investment of 401(k) and other retirement plans in target date funds. The hearing will begin at 9 a.m. EDT in the department’s auditorium, 200 Constitution Ave. N.W. in Washington.

June 12, 2009

U.S. Department of Labor to sponsor fiduciary and employee benefit plan workshops in Charlotte, North Carolina, June 17 and 18

Charlotte, North Carolina – The U.S. Department of Labor will sponsor free workshops to assist employers and service providers in understanding and complying with federal regulations regarding employee pension and health benefit plans governed by the Employee Retirement Income Security Act (ERISA).

Representatives from the department’s Employee Benefits Security Administration (EBSA) will conduct the seminars at the Hilton Charlotte Executive Park, 5624 Westpark Drive in Charlotte, on June 17 and 18.

June 11, 2009

U.S. Labor Department recovers more than $9 million for retirement plans of bankrupt Aloha Airlines

San Francisco – The U.S. Department of Labor has entered into settlement agreements with Aloha Airlines Inc., Bank of Hawaii and First Hawaiian Bank, which agreed to pay $9,545,454 to the airline’s three pension plans for losses the plans suffered on investments in stock of the airline’s holding company. Both Aloha and its holding company are bankrupt. The money will be paid to the Pension Benefit Guaranty Corp., the trustee of the plans.

June 8, 2009

U.S. Department of Labor to host webcast on electronic filing requirements for Form 5500

Washington – The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) will host a free webcast to assist plan sponsors and service providers with upcoming changes to the Form 5500 and electronic filing requirements that start with the 2009 plan year filings.

June 5, 2009

Owner of defunct North Carolina sign company sentenced for embezzling 401(k) and health plan assets

Atlanta — The owner of defunct Wesco Signs Inc., Concord, North Carolina, has been ordered by the U.S. District Court for the Middle District of North Carolina in Greensboro to pay $57,089.25 in restitution to the company’s 401(k) and health plans and sentenced to five years of supervised release. Mitchell W. Messer also must perform 416 hours of community service.

June 3, 2009

U.S. Labor Department obtains court judgment against closed Seatoma Convalescent Center, giving workers access to nearly $18,000 in retirement funds

Seattle – The U.S. Department of Labor has obtained a default judgment against the Seatoma Convalescent Center of Des Moines, Washington, giving its workers access to nearly $18,000 in 401(k) trust assets.

June 3, 2009

Former Massachusetts employer agrees to restore employee contributions to company 401(k) plan to resolve U.S. Labor Department lawsuit

Boston – The U.S. Department of Labor has obtained a consent judgment requiring the plan administrator and trustee to restore nearly $23,000 owed to the 401(k) plan of defunct Davis Design Associates Inc. of Fitchburg, Massachusetts.

The department sued the company and its president, Paul Stewart Smith – the 401(k) plan trustee – for allegedly violating the Employee Retirement Income Security Act (ERISA).

May 26, 2009

U.S. Department of Labor’s ERISA Advisory Council to hold opening meeting for 2009

Washington – The Advisory Council on Employee Welfare and Pension Benefit Plans (also known as the ERISA Advisory Council) will meet June 11 in Washington at the U.S. Department of Labor, 200 Constitution Avenue N.W., Room S-2508.

May 26, 2009

U.S. Labor Department obtains judgment appointing independent fiduciary to oversee abandoned 401(k) plan of defunct Minneapolis employer

Minneapolis – The U.S. Department of Labor has obtained a consent order and judgment appointing Midwest Fiduciary Services as an independent fiduciary to distribute the assets of the abandoned Nat Joseph Catering Inc. 401(k) plan to eligible participants and beneficiaries.

May 22, 2009

U.S. Labor Department and SEC to hold hearing on target date funds and similar investment options

Washington — The U. S. Department of Labor’s Employee Benefits Security Administration (EBSA) and the Securities and Exchange Commission (SEC) today announced a joint public hearing on June 18, 2009, to hear testimony on the investment of 401(k) and other retirement plans in target date type plans. The hearing will begin at 9:00 a.m. in the department’s auditorium, 200 Constitution Avenue, NW in Washington, DC.

May 21, 2009

U.S. Labor Department further extends effective date of rules on investment advice

Washington – The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) today announced publication of a notice further extending the applicability and effective dates of the final rule on investment advice under the Pension Protection Act to November 18, 2009. The notice is expected to be published in the May 22 edition of the Federal Register.

May 21, 2009

U.S. Labor Department publishes process to appeal denials of COBRA subsidy under American Recovery and Reinvestment Act of 2009

Washington — The U.S. Department of Labor today announced the appeal process individuals can use if they are denied a premium subsidy for their group health plan continuation coverage. The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) requires many group health plans to temporarily continue health coverage for employees and their families following termination of employment at the employee’s own expense.

May 20, 2009

U.S. Department of Labor to offer free health law seminar on June 3 and 4 in Fargo, North Dakota

Fargo, North Dakota – A free health law compliance assistance seminar for employers, plan fiduciaries and plan services providers, sponsored by the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) and the North Dakota Department of Insurance, will take place June 3 and 4 at the Fargo Doublewood Inn & Conference Center at 3333-13th Ave. S.

May 19, 2009

U.S. Labor Department sues to appoint independent fiduciary for 401(k) plan abandoned by former Iowa employer

Kansas City, Missouri — The U.S. Department of Labor has filed a lawsuit in the U.S. District Court for the Southern District of Iowa in Davenport seeking the appointment of an independent fiduciary to oversee the abandoned 401(k) plan of defunct MagnaTech Inc., formerly of Brooklyn, Iowa.

May 19, 2009

U.S. Labor Department secures 401(k) plan assets for J&L Electronic Service Inc. employees in Chicago suburb

Frankfort, Illinois – A federal district court in Chicago has granted a consent judgment to the U.S. Department of Labor barring John Patrizi, owner of J&L Electronic Service Inc. at 633 Johnson Ave. in Frankfort, from serving as a fiduciary for any retirement plan covered by the Employee Retirement Income Security Act (ERISA), and appointing an independent fiduciary to oversee the company’s 401(k) plan.

May 15, 2009

U.S. Department of Labor obtains judgments against fiduciaries of defunct North Carolina testing laboratory

Atlanta – The U.S. Department of Labor has obtained court judgments restoring $97,317.49 to the Triangle Laboratories Inc. Retirement Fund in Durham, North Carolina.

A lawsuit, filed in the U.S. District Court for the Middle District of North Carolina, alleged that Joseph Morales and four other defendants failed to discharge their fiduciary duties to the 401(k) plan in violation of the Employee Retirement Income Security Act (ERISA).

May 13, 2009

U.S. Labor Department recovers almost $32,000 for company 401(k) plan from Shelton, Connecticut, employer

New Haven, Connecticut – The U.S. Department of Labor has recovered nearly $32,000 owed to the Image Graphics Inc. Employee 401(k) Profit Sharing Plan. The plan is sponsored and administered by Image Graphics Inc. of Shelton, Connecticut, which was sued by the department for alleged violations of the Employee Retirement Income Security Act (ERISA).

May 7, 2009

U.S. Labor Department sponsors free webcasts to help retirement plan fiduciaries comply with the law

Washington – The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) will sponsor “Getting It Right – Know Your Fiduciary Responsibilities” webcasts on May 12 and 13. The webcasts are part of the agency’s national fiduciary education campaign to increase awareness and understanding of basic responsibilities associated with operating private sector retirement plans.

May 6, 2009

U.S. Department of Labor obtains consent order requiring president of Nashville entertainment company to restore pension funds

Atlanta – William Traylor, former president of Homeland Entertainment Group Inc. in Nashville, Tennessee, will restore $20,092 to the company’s retirement plan as part of a federal consent order and judgment obtained by the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA).