August 26, 2010

U.S. Labor Department sues Tampa Bay, Florida, construction contractor to recover 401(k) savings plan losses

Tampa, Florida – The U.S. Department of Labor is suing Angell Contracting and Construction Inc., Creative Carpentry Inc., Angell Restoration Services and the owner of the three companies, Chad Angell, to require the defendants to restore losses to the companies’ 401(k) savings plan.

The department’s lawsuit alleges that between January and September of 2007 the companies failed to timely forward $25,752.04 to the savings plan in accordance with the Employee Retirement Income Security Act and the governing plan documents.

August 19, 2010

U.S. Labor Department sues corporate officers of defunct West Chester, Pennsylvania, company to protect pension plan participants

West Chester, Pennsylvania — The U.S. Department of Labor has sued defunct Reneuxit Inc. of West Chester, Mark D. Dampman and Wayne K. Hall for making improper loans and transfers from the company’s pension plan in violation of the Employee Retirement Income Security Act.

Dampman is a former corporate officer and trustee of the pension plan and Hall is the current plan trustee and was a corporate officer until the company ceased operations in January 2007.

August 18, 2010

U.S. Labor Department obtains default judgment against defunct Arlington, Virginia, company to protect workers’ 401(k) plan

Arlington, Virginia – The U.S. District Court for the Eastern District of Virginia has issued a default judgment removing Global System Enterprises Inc., formerly of Arlington, as fiduciary of its 401(k) plan.

August 16, 2010

U.S. Department of Labor and Nebraska Department of Insurance to offer free health law seminar September 14 and 15 in Omaha, Nebraska

Omaha, Nebraska – The U.S. Department of Labor’s Employee Benefits Security Administration and the Nebraska Department of Insurance will co-host a free health law compliance assistance seminar September 14 and 15 at the Holiday Inn Omaha Convention Center, 3321 South 72nd Street in Omaha.

August 12, 2010

U.S. Department of Labor’s ERISA Advisory Council to hold meeting August 31 to September 2 and solicits nominations

Washington – The Advisory Council on Employee Welfare and Pension Benefit Plans (also known as the ERISA Advisory Council) will meet August 31 to Septeber 2 in Washington at the U.S. Department of Labor, 200 Constitution Avenue NW, Room C-5515-1A, to hear testimony from witnesses.

The meeting will take place on August 31 from 9 a.m. to 5 p.m. EDT and on September 1 and 2 from 8:30 a.m. to 4 p.m. EDT.

August 10, 2010

U.S. Department of Labor to offer free workshop in New York City on complying with federal pension law

New York – The U.S. Department of Labor’s Employee Benefits Security Administration will hold a free workshop on September 1 from 10 a.m. to 1 p.m. EDT to help employers, the employee benefit community and others better comply with federal pension law. The workshop will be held at 33 Whitehall Street, 11th floor, in Manhattan.

August 5, 2010

U.S. Departments of Labor and Treasury to hold hearing on specific issues related to lifetime income options for retirement plans

Washington – The U. S. Department of Labor's Employee Benefits Security Administration (EBSA) and the Department of the Treasury today announced a joint public hearing on Sept. 14, 2010, and if necessary on Sept. 15, to hear testimony on several specific issues relating to lifetime income and other arrangements that provide a stream of income after retirement for workers in employer-sponsored retirement plans. The hearing will begin at 9:00 a.m. in the Labor Department's auditorium, 200 Constitution Ave., N.W. in Washington, D.C.

August 3, 2010

U.S. Labor Department obtains default judgment against defunct Blackstone, Virginia, company to protect workers’ 401(k) plan

Blackstone, Virginia – The U.S. District Court for the Eastern District of Virginia, Richmond Division, has issued a default judgment against OSF America Inc. removing the former Blackstone company as fiduciary of its tax deferred savings plan.

August 2, 2010

Employee Benefits Security Administration locator for individual exemptions from the Employee Retirement Income Security Act

Washington – The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) has launched a new online index for locating individual exemptions granted under the Employee Retirement Income Security Act.

This new online index lets people search by subject matter for individual exemptions granted from 1996 through 2010. For example, the index catalogues exemptions relating to captive reinsurance, co-investing, collateralized mortgage obligations, leases and in-kind contributions.

July 30, 2010

US Labor Department withdraws proposed rule on definition of a welfare benefit plan

WASHINGTON — The U.S. Department of Labor's Employee Benefits Security Administration today announced its intention to withdraw the proposed regulation on the definition of a welfare benefit plan under the Employee Retirement Income Security Act from review by the Office of Management and Budget.

July 28, 2010

U.S. Labor Department sponsors free September 15 retirement seminar for employee benefit plan fiduciaries in Philadelphia

Four score and seven years ago our fathers brought forth on this continent, a new nation, conceived in Liberty, and dedicated to the proposition that all men are created equal.

Philadelphia – The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) will sponsor “Getting It Right – Know Your Fiduciary Responsibilities,” a free retirement plan seminar on September 15 at the Radisson Plaza Warwick Hotel, 1701 Locust Street.

July 27, 2010

U.S. Labor Department sues Crestview, Florida, medical group, plan trustees and Iowa accounting firm over misuse of pension plan assets

Crestview, Florida – The U.S. Department of Labor has sued Robert S. Caputo, his medical group, trustees of the group’s pension plan, the plan’s accounting firm, and an accountant for improperly using $800,000 in plan assets to pay company expenses, in violation of the Employee Retirement Income Security Act.

July 22, 2010

Administration Announces New Affordable Care Act Measures to Protect Consumers and Put Patients Back in Charge of Their Care

Washington – Today, the Obama Administration is announcing both new regulations to empower consumers to appeal decisions made by their health plans or insurance companies and the availability of resources that will be used to help give consumers more control of their health care decisions. These provisions of the Affordable Care Act will help support and protect consumers and help end some of the worst insurance company abuses.

July 21, 2010

U.S. Labor Department obtains preliminary injunction against trustees of New York City pension plan for violating employee benefits law

New York – The U.S. Department of Labor has obtained a preliminary injunction barring trustees Samuel Kohl, Caren Kohl and Welko Inc. of New York City from conducting business with, or on behalf of, the Welko Inc. Pension Plan, unless approved by the court. The U.S. District Court for the Southern District of New York also ordered the defendants to turn over to the court all of the plan's cash assets.

July 15, 2010

U.S. Labor Department sues Savannah, Georgia, attorney to restore pension assets

Savannah, Georgia – The U.S. Department of Labor has sued Savannah attorney Benjamin Eichholz and the Eichholz Law Firm to recover assets belonging to the Eichholz & Associates P.C. Retirement Plan and the Eichholz & Associates P.C. Employees Pension Plan.

July 15, 2010

US Labor Department issues interim final rule on disclosure of fees and conflicts of interest affecting 401(k) and other retirement plans

WASHINGTON — The U.S. Department of Labor today announced an interim final rule that will enhance disclosure to fiduciaries of 401(k) and other retirement plans. The rule will assist fiduciaries in determining both the reasonableness of compensation paid to plan service providers and any conflicts of interest that may impact a service provider's performance under a service contract or arrangement.

July 15, 2010

US Labor Department issues interim final rule on disclosure of fees and conflicts of interest affecting 401(k) and other retirement plans

WASHINGTON - The U.S. Department of Labor today announced an interim final rule that will enhance disclosure to fiduciaries of 401(k) and other retirement plans. The rule will assist fiduciaries in determining both the reasonableness of compensation paid to plan service providers and any conflicts of interest that may impact a service provider's performance under a service contract or arrangement.

July 12, 2010

U.S. Labor Department obtains default judgment against defunct Lewes, Delaware, company to protect workers’ 401(k) plan

Lewes, Delaware — The U.S. District Court for the District of Delaware has issued a default judgment removing defunct Keystone Professional Employers Inc. of Lewes as fiduciary of its 401(k) plan. The judgment resolves a lawsuit filed by the U.S. Department of Labor in January alleging that the company abandoned its plan without distributing the assets when it ceased operations in 2000.

July 12, 2010

U.S. Labor Department sponsors free July 22 retirement seminar for employee benefit plan fiduciaries in Indianapolis

Indianapolis, Indiana – The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) will sponsor “Getting It Right – Know Your Fiduciary Responsibilities,” a free retirement plan seminar in Indianapolis July 22 at the Sheraton Indianapolis City Centre Hotel, 31 W. Ohio St.

July 12, 2010

U.S. Labor Department obtains default judgment against defunct Lewes, Delaware, company to protect workers’ 401(k) plan

Lewes, Delaware — The U.S. District Court for the District of Delaware has issued a default judgment removing defunct Keystone Professional Employers Inc. of Lewes as fiduciary of its 401(k) plan. The judgment resolves a lawsuit filed by the U.S. Department of Labor in January alleging that the company abandoned its plan without distributing the assets when it ceased operations in 2000.