December 14, 1998

Chicago Teamsters' Plan Trustees To Restore $20 Million To Pension Plan

Archived News Release — Caution: Information may be out of date.

Trustees to employee benefit plans of Local 705 of the International Brotherhood of Teamsters in Chicago have agreed to restore $20 million owed to the local union’s pension plan by an affiliated welfare plan under a consent order and judgment obtained by the U. S. Department of Labor.

The restitution returns $16,511,985 to the pension plan which the trustees improperly transferred to the welfare benefit plan, plus interest.

December 14, 1998

Labor Department Lawsuit Names Printing Company Executives

Archived News Release — Caution: Information may be out of date.

The owner of a St. Joseph, Mo. printing company and his manager have been sued by the U.S. Department of Labor for failing to forward $6,024 in contributions deducted from employee paychecks to the company’s 401(k) defined contribution plan.

December 14, 1998

Labor Department Issues Additional Guidance To Employee Benefit Plans On Y2K Compliance

Archived News Release — Caution: Information may be out of date.

The U.S. Department of Labor's Pension and Welfare Benefits Administration took a major step today to address concerns of the employee benefit industry about fiduciary liability and the Year 2000 (Y2K) computer problem. To help the benefit community understand these issues, the agency is releasing sample questions used by the agency's investigators to evaluate Y2K compliance in the course of civil investigations of benefit plans across the United States.

December 10, 1998

Labor Department Proposes Amendments To Annual Reporting Regulations

Archived News Release — Caution: Information may be out of date.

The U.S. Department of Labor has proposed amendments to its annual reporting regulations under the Employee Retirement Income Security Act (ERISA) to conform the regulations to the new streamlined Form 5500, schedules and instructions. The new Form 5500 will be implemented for employee benefit plans starting with 1999 plan year filings.

December 10, 1998

Latham, New York, Profit-Sharing-Plan Trustee Ordered To Appoint New Trustees

Archived News Release — Caution: Information may be out of date.

The trustee of a profit sharing plan covering the employees of General Steel Fabricators, Inc. in Latham, New York, agreed to appoint a successor trustee to manage the plan under the terms of a consent order and judgment obtained by the U.S. Department of Labor.

The trustee has already restored $42,521.20 to the plan, which will be credited to the accounts of eligible participants.

December 8, 1998

San Francisco Investment Management Firm Pays More Than $13 Million In Pension Settlement

Archived News Release — Caution: Information may be out of date.

The San Francisco investment firm of McMorgan and Co. has paid more than $13.7 million, including interest, to 10 pension plans as part of a negotiated settlement, the U.S. Department of Labor announced today.

December 8, 1998

Mortgage Broker Arrested For Pension Plan Fraud

Archived News Release — Caution: Information may be out of date.

Michael Ted McKendree, 39, of Corte Madera, Cal., was arrested today by Special Agents of the Federal Bureau of Investigation on an eleven-count indictment returned on December 2, 1998, by a Federal Grand Jury in San Francisco. McKendree was indicted for allegedly embezzling funds from a pension plan covered by the Employee Retirement Income Security Act of 1974 (ERISA) and for mail fraud.

December 4, 1998

Labor Department Seeks To Have Independent Trustee Named To Liquidate Florida 401(K) Plan

Archived News Release — Caution: Information may be out of date.

The U.S. Department of Labor filed a lawsuit today to appoint an independent trustee to terminate and distribute the assets of a 401(k) plan sponsored by the Hollywood, Fla.-based Carolina Fitness Equipment, Inc. (CFE).

November 25, 1998

Labor Department Announces Decision On Sop 92-6 Non-Enforcement Policy For Multiemployer Welfare Plans

Archived News Release — Caution: Information may be out of date.

The U.S. Department of Labor today announced it will not adopt a proposed non- enforcement policy affecting annual reports (Form 5500s) filed by multiemployer welfare benefit plans.

November 23, 1998

Labor Department's Advisory Committee On Negotiated Rulemaking To Hold December Meetings

Archived News Release — Caution: Information may be out of date.

The U.S. Department of Labor’s Advisory Committee on Negotiated Rulemaking will hold public meetings on December 16 and 17 at the Federal Mediation and Conciliation Service at 2100 K St., N. W., Room 200, in Washington, D.C. The committee will meet from 9 a.m. to 5 p.m. each day.

November 17, 1998

Labor Department Sues Chicago Corporation And Plan Trustee For Abuse Of Employee Plan Contributions

Archived News Release — Caution: Information may be out of date.

The U.S. Department of Labor filed a lawsuit in Chicago, Ill., against Lexington Securities, Incorporated, and its plan fiduciary Paul Maton for withholding $12,608.65 of voluntary employee plan contributions in violation of the federal pension law. The Lexington Savings Incentive Plan was established on Feb. 1, 1995, as a cash or deferred profit sharing plan.

November 17, 1998

Dallas Businessman Indicted For Misappropriating 401(K) Plan Assets

Archived News Release — Caution: Information may be out of date.

The owner of the Dallas-based firm ISG State Operations, Inc. was indicted today by a Dallas County grand jury for allegedly misappropriating $6,933 in 401(k) contributions owed to the company's retirement plan.

The company processed Medicaid claims under a contract with the State of Texas and sponsored the ISG State Operations, Inc. 401(k) plan. The 401(k) plan is governed by the Employee Retirement Income Security Act (ERISA).

November 13, 1998

Labor Department Obtains Court Order Resulting In Restoration Of $1.5 Million To Little Falls, New Jersey, Teamsters' Pension Fund

Archived News Release — Caution: Information may be out of date.

The U.S. Department of Labor obtained a consent judgment and order providing for more than $1.5 million to be restored to the Teamsters Local 125 Retirement Fund in Little Falls, New Jersey.

November 12, 1998

LABOR DEPARTMENT FINALIZES CLASS EXEMPTION ON FOREIGN EXCHANGE TRANSACTIONS

Archived News Release — Caution: Information may be out of date.

The U. S. Department of Labor today granted a class exemption for purchases and sales of foreign currencies between employee benefit plans and banks or broker-dealers.

November 12, 1998

Labor Department Sues Kentucky Company, Owner, And Stock Yards Bank For Purchase Of Company Stock

Archived News Release — Caution: Information may be out of date.

he U.S. Department of Labor filed a lawsuit against the owner and trustees of Building Services Unlimited, Inc., in Louisville, Ky., for failing to make requested contributions to the company’s retirement plan and paying more than fair market value for the stock contributed to the employee stock ownership plan.

October 26, 1998

EBSA Press Release: Labor Department Sues Time Warner Inc. And Executives For Excluding Workers from Pension and Health Plans [10/26/1998]

Archived News Release — Caution: Information may be out of date.

For more information call: (202) 219-8211

The U. S. Department of Labor today sued Time Warner Inc., Time Inc. and subsidiaries of Time Inc. and officials of nine corporate pension and health plans for wrongly denying coverage by the plans to hundreds of employees. The workers were misclassified as independent contractors or temporary employees and thus were denied coverage.

October 23, 1998

Syracuse, New York, Firm And Pension Trustee To Make $541,000 In Restitution To Pension Plan

Archived News Release — Caution: Information may be out of date.

The U. S. Department of Labor has obtained a consent judgment requiring Hull Corp. and a trustee of its employee stock ownership plan (ESOP) to pay $541,667 in restitution to the plan and to pay civil monetary penalties to the federal government for violating federal pension law.

October 21, 1998

Labor Department Proposes Amended Waivers On Receipt Of Services On IRAs And Self-Employed Plans

Archived News Release — Caution: Information may be out of date.

The U. S. Department of Labor has proposed broadening the scope of two class exemptions allowing individual retirement accounts (IRAs) or Keogh pension plans to get free or low cost brokerage or banking services

October 13, 1998

Labor Department Obtains Judgment Against Trustee Of Hempstead, New York, Pension Plan

Archived News Release — Caution: Information may be out of date.

The U. S. Department of Labor has obtained a consent judgment against the trustee of a pension and health plan of a Hempstead, New York community service organization for mismanaging plan assets

October 13, 1998

Brownsville, Tex., Trustees Ordered To Repay More Than $87,000 To 401(K) Plan For Federal Pension Law Violations

Archived News Release — Caution: Information may be out of date.

The U.S. Department of Labor has obtained a consent order and judgment requiring three corporations and three trustees of the Nomali, Inc. Employees 401(k) plan in Brownsville, Tex., to repay $87,318.00 to its plan participants and beneficiaries for failure to charge the full market value on rental property and land that they authorized the plan to lease.