Washington — The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) and the U.S. Securities and Exchange Commission (SEC) today announced guidance to help investors and plan participants better understand the operations and risks of target date fund investments.

Anchorage, Alaska – 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 Anchorage on May 19 at the Hilton Anchorage, 500 W. 3rd Avenue.

Washington — Phyllis C. Borzi, Assistant Secretary of the Employee Benefits Security Administration, will address the Washington Legislative Update of the International Foundation of Employee Benefits Plan on Tuesday, May 4 at the Capital Hilton, 1001-16th St., NW, Washington, D.C. Borzi will discuss a variety of agency initiatives and current issues such as pension funding, 401(k) fee disclosure, investment advice, and health care reform for American workers and their families.

Burnsville, Minnesota – The U.S. Department of Labor has sued Larry Lauterbach, the president and former owner of the Burnsville construction company Slate Cement Inc., for making untimely and delinquent participant contributions and loan repayments to the company’s 401(k) plan and to its health and dental plan in violation of the Employee Retirement Income Security Act.

Nashville, Tennessee – The U.S. Department of Labor has agreed to an amended consent judgment with David Starkey, a former corporate officer of Midland Employer Services in Brentwood, Tennessee.

Filed in the U.S. District Court for the Middle District of Tennessee, Nashville division, the amended judgment requires the defendant to repay the full amount still owed to the former company’s group health plan, currently $46,248.75 plus interest accrued from April 25, 2005, to the present.

Nashville, Tennessee – A federal court in Nashville has issued a default judgment order against Midland Employer Services of Brentwood, Tennessee, to protect 401(k) assets owned by workers at the defunct employee leasing company.

The order, issued by the U.S. District Court for the Middle District of Tennessee, removes the defendant from service as fiduciary of the plan and appoints Jeanne Barnes Bryant as an independent fiduciary with responsibility to terminate the plan and distribute its assets to eligible plan participants.

Washington – The heads of five agencies of the U.S. Department of Labor will host live Web chats —open to the public and members of the press — to discuss their respective regulatory agendas. The Labor Department’s entire regulatory agenda is scheduled for publication in the April 26 issue of the Federal Register.

Who: Heads of U.S. Department of Labor agencies

What: Individual Web chats on agencies’ regulatory agendas

When:

Monday, April 26

Washington – Assistant Secretary of the Employee Benefits Security Administration Phyllis C. Borzi today issued the following statement regarding the Administration’s support of legislation to strengthen private single-employer defined benefit pension plans:

Tulsa, Oklahoma – The U.S. Department of Labor has sued defunct Aircraft Fueling Systems Inc. of Tulsa and its owner for improperly using for the benefit of the company employee contributions and loan repayments owed to the plan.

“The Labor Department will hold employers and their executives accountable when they misuse the hard-earned retirement assets of America’s workers and retirees,” said Roger Hilburn, director of the Dallas Regional Office of the department’s Employee Benefits Security Administration.

Washington – Assistant Secretary of Labor Phyllis C. Borzi today issued the following statement regarding the Consolidated Omnibus Budget Reconciliation Act (COBRA) and the premium reduction under the American Recovery and Reinvestment Act (ARRA):

Fort Lauderdale, Florida – The U.S. Department of Labor has sued former Fort Lauderdale construction company First State Development and its chief executive officer to restore losses owed to the company’s 401(k) plan.

San Francisco – The U.S. Department of Labor has obtained a default judgment restoring more than $46,000, including interest, to participants of a 401(k) profit-sharing plan of now-defunct Power & Data Technology of San Jose, California. The judgment resolves a lawsuit against the company and its former president, Michael D. Williams of Gilroy, California, over losses that resulted from mismanagement and misuse of plan assets.

San Francisco – The U.S. Department of Labor has obtained default judgments appointing Saakvitne Law Corp. as an independent fiduciary for the 401(k) plans of a Sunnyvale, California-based software company and its San Mateo, California-based subsidiary. As fiduciary, Saakvitne will terminate both plans and distribute a total of nearly $556,500 in assets to eligible participants.

Denver – The U.S. Department of Labor’s Employee Benefits Security Administration and the Colorado Division of Insurance will co-host a free health law compliance assistance seminar April 21 and 22 in Denver.

Miami – The U.S. Department of Labor has sued fiduciaries of the Orrin H. Cope Produce Inc. Employees’ Profit Sharing Plan to restore more than $3,780,000 in plan assets improperly used to benefit the company.

“The Labor Department will take legal action to protect workers’ benefits whenever, and wherever, violations occur,” said Secretary of Labor Hilda Solis. “Our suit puts plan officials on notice that the department will not tolerate the diversion of workers’ hard-earned retirement assets for the benefit of employers.”

Binghamton, New York – The U.S. Department of Labor has obtained a consent judgment requiring Kellogg Auto Supply Co. Inc. of Cortland, New York, and company president and general manager Richard Coats to restore $149,573 to the company’s employee stock ownership plan.

Elkins, West Virginia – The U.S. Department of Labor has sued Byron Goldizen, president of defunct Bryco Bore and Pipe Inc., formerly located in Petersburg, West Virginia, for violating his fiduciary responsibility under the Employee Retirement Income Security Act to the company’s SIMPLE IRA plan.

The suit alleges that Goldizen failed to remit employee contributions to the plan from June 2006 through December 2008. The company ceased operations and filed for bankruptcy protection under Chapter 7 on June 8, 2009.

Washington – The U.S. Departments of Labor and Health and Human Services will hold the first meeting of the Medicaid, Children's Health Insurance Program and Employer Sponsored Coverage Coordination Working Group on April 26 in Washington at the Omni Shoreham, 2500 Calvert St. NW.

The working group will meet from 9 a.m. to 5 p.m. EDT to hear public testimony from witnesses. The meeting is open to the public. The Children's Health Insurance Program Reauthorization Act of 2009 requires the departments to jointly establish the CHIP Working Group.

Washington — The U.S. Department of Labor’s Employee Benefits Security Administration has granted an exemption allowing the Ford Motor Co. to transfer company securities to a voluntary employee beneficiary association trust that funds a new health plan established to provide health benefits for the company’s retirees. The new health plan will cover in excess of 285,000 retirees and their dependents, and a small number of active employees.

Washington — The U.S. Department of Labor today released updated model notice packages to enable group health plans and employers to provide notice on the availability of the Consolidated Omnibus Budget Reconciliation Act continuation coverage premium reductions under the American Recovery and Reinvestment Act through March 31.