Alleged violations of the Employee Retirement Income Security Act (ERISA) provisions involved a lawsuit with 225 plaintiffs, all current or former workers at an Ohio steel mill and members of the United Steelworkers of America (USW) union. They sued the union, their employer and the plan administrator. The mill had changed ownership numerous times, but [...]
Continue reading...Tuesday, April 10, 2012
Explore General, Inc., a now-defunct construction company based in Fresno, CA, has been ordered to restore over 500,000 dollars to the company’s 401(k) profit-sharing retirement plan. The judgment and order, which were entered in the U.S. District Court for the Eastern District of California, also pertain to the man who was owner and president of [...]
Continue reading...Thursday, February 16, 2012
The U.S. Department of Labor (DOL) has filed a lawsuit against a construction company for misappropriation of funds from a 401(k) plan. Allegedly more than 775,000 dollars was lost from the employees’ retirement benefits. The company in question was Dynasty Construction, Inc., based in Bethesda, MD, which ceased operations in 2007. The company’s 401(k) plan [...]
Continue reading...Thursday, January 5, 2012
A Wisconsin murder suspect is being permitted to utilize funds from his 401(k) to hire an attorney for representation. Jason Anderson of Fond du Lac, WI, was arrested in November for the murder of his wife, Nicole Anderson, who was discovered dead at their home from a single gunshot wound. After fleeing from the authorities, [...]
Continue reading...Friday, November 11, 2011
For persons of 401(k)-type plans and individual retirement accounts (IRAs), investment advice is an often necessary but not readily available component. This is in part due to the Employee Retirement Income Security Act of 1974 (ERISA), which was passed to protect such participants but also implemented safeguards when receiving investment advice. Investment advisors are typically [...]
Continue reading...Monday, September 19, 2011
The Institutional Retirement Income Council(IRIC) which promotes retirement income solutions highlights the common retiring individuals inability to deal with the the continuing shift from defined benefit pension plans to defined contribution plans. As seen in multiple examples throughout history, it takes time to adapt to changes. We have seen changes introduced in corporations, economy or [...]
Continue reading...Thursday, May 26, 2011
A new bill has been introduced into the Senate by two Senators, the Republican Mike Enzi of Wyoming, and the Democrat Herb Kohl of Wisconsin. The bill, if passed, would significantly change the way 401(k) funds work, with the stated purposes of restricting frivolous usage and giving participants more time to pay off their loans. [...]
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Thursday, April 26, 2012
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