May 27, 2010

U.S. Labor Department offers free compliance assistance seminar for benefit plan professionals in Birmingham, Alabama, June 10

Birmingham, Alabama – The U.S. Department of Labor’s Employee Benefits Security Administration is offering a free workshop for employee benefit plan professionals, including clients of plan service providers, on Thursday, June 10, at the Birmingham Social Security Center, 1200 Rev. Abraham Woods Jr. Blvd. in Birmingham.

May 27, 2010

Federal agencies hold 2nd meeting of Medicaid, Children’s Health Insurance Program and Employer Sponsored Coverage Coordination Working Group

WASHINGTONThe U.S. Departments of Labor and Health and Human Services will hold the second meeting of the Medicaid, Children's Health Insurance Program and Employer Sponsored Coverage Coordination Working Group on June 14 in Washington at the Grand Hyatt, 1000 H 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.

May 25, 2010

U.S. Department of Labor to host fifth webcast on 2009 Form 5500 and electronic filing requirements

Washington – The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) will host a free webcast June 3 to answer questions from employers, plan administrators and service providers about the Form 5500, EFAST2 and the new e-signature options for electronic filing requirements that began with the 2009 plan year.

May 17, 2010

U.S. Labor Department obtains judgment ordering restitution and appointing independent fiduciary for 401(k) plan abandoned by Lockport, New York, employer

Buffalo, New York – The U.S. Department of Labor has obtained a default judgment appointing an independent fiduciary to manage the abandoned 401(k) plan of defunct Franbilt Inc., which was a steel fabrication plant located in Lockport, New York. The court also has ordered the former owner of the company, Thomas Barnes, to pay $145,094 in restitution to the plan.

May 13, 2010

U.S. Labor Department’s Employee Benefits Security Administration announces new e-signature option for Forms 5500 and 5500-SF electronic filing

Washington – The U.S. Department of Labor’s Employee Benefits Security Administration today announced that the EFAST2 electronic filing system for Forms 5500 and 5500-SF employee benefit plan annual reports has a new e-signature option. This option is designed to simplify the electronic filing process, especially for small businesses that use service providers to complete and file their annual reports.

May 13, 2010

U.S. Labor Department seeks to distribute more than $270,000 to participants of abandoned retirement plan of Intercounty Title Company of Illinois

Chicago – The U.S. Department of Labor filed a lawsuit in federal district court in Chicago, seeking the appointment of an independent fiduciary to terminate the Intercounty Title Company of Illinois retirement savings plan and to distribute more than $270,800 in assets to plan participants and beneficiaries.

May 11, 2010

Statement of Assistant Secretary of Labor Phyllis C. Borzi calling on employers and benefit plans to make young adult coverage available immediately

Washington – Assistant Secretary of the Employee Benefits Security Administration Phyllis C. Borzi today issued the following statement regarding the Affordable Care Act:

"The Affordable Care Act lets young adults stay on their parents' health care plan until age 26. Before the President signed this landmark Act into law, many health plans and issuers could and did in fact remove young adults from their parents' policies because of their age, leaving many college graduates and others with no coverage.

May 11, 2010

U.S. Labor Department sues owner of Tacoma, Washington-based Vincent’s Apartment Washer Service Inc. to recover workers’ SIMPLE plan contributions

Tacoma, Washington – The U.S. Department of Labor has sued Keith D. Vincent and Vincent’s Apartment Washer Service Inc. in the U.S. District Court for the Western District of Washington for allegedly using employee and employer contributions owed to the company’s savings incentive match plan for employees individual retirement account plan for the benefit of the company, in violation of the Employee Retirement Income Security Act.

May 10, 2010

U.S. Department of Labor and Oklahoma Insurance Department to offer free health law seminar May 19 and 20 in Tulsa, Oklahoma

Tulsa, Oklahoma – The U.S. Department of Labor’s Employee Benefits Security Administration and the Oklahoma Insurance Department will host a free health law compliance assistance seminar on May 19 and 20 in Tulsa at the Tulsa Technology Center, Lemley Campus, 3420 South Memorial Drive, Health Science Building, Room HSC 3117.

May 6, 2010

U.S. Labor Department and SEC issue guidance on target date funds

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.

May 5, 2010

U.S. Labor Department sponsors free compliance assistance seminar for retirement plan fiduciaries in Anchorage, Alaska

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.

May 3, 2010

Assistant Secretary of Labor Phyllis C. Borzi to address International Foundation on administration pension and health agenda

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.

April 27, 2010

U.S. Department of Labor sues Burnsville, Minnesota, executive to restore plan assets and bar defendant from serving as plan fiduciary

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.

April 23, 2010

U.S. Labor Department obtains default judgment against former employee leasing company in Brentwood, Tennessee, to protect workers’ 401(k) assets

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.

April 23, 2010

U.S. Labor Department consent judgment requires corporate officer of Midland Employer Services to repay more than $46,000

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.

April 22, 2010

U.S. Department of Labor agency heads to host live Web chats on regulatory agendas on April 26, 27 and 28

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

April 19, 2010

Statement of Assistant Secretary of Labor Phyllis C. Borzi regarding legislation to strengthen defined benefit pension plans

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:

April 19, 2010

Defunct Oklahoma business and owner sued by U.S. Department of Labor over misuse of 401(k) contributions and loan repayments

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.

April 16, 2010

Statement of Assistant Secretary Phyllis C. Borzi on extension of COBRA subsidy eligibility to May 31, 2010

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):

April 7, 2010

U.S. Labor Department sues former Fort Lauderdale, Florida, construction company First State Development to restore pension assets

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.