Archived News Release — Caution: Information may be out of date.

For more information call: (202) 219-8211

Secretary of Labor Alexis M. Herman today released A Look at 401(k) Plan Fees, a 19-page, educational booklet to help consumers understand the fees and expenses associated with 401(k)plan accounts.

Archived News Release — Caution: Information may be out of date.

The U. S. Department of Labor has sued Miletus Associates Inc. and its president for making over $120,000 in improper transfers and a loan from the company’s 401(k) plan to the defendants.

Miletus Associates is an Albuquerque, N.M.-based engineering firm which manufactures airborne surveillance equipment. The company’s 401(k) plan covered 29 participants and had $371,052.57 in assets as of February 1996.

Archived News Release — Caution: Information may be out of date.

For more information call: (202) 219-8921

The three working groups formed this year by the Advisory Council on Employee Welfare and Pension Benefit Plans, more popularly known as the ERISA Advisory Council, will hold public meetings July 7 and 8. All sessions will take place in Conference Room N-4437 C&D at the U.S. Department of Labor's Frances Perkins Building, 200 Constitution Avenue NW, Washington, D.C.

Archived News Release — Caution: Information may be out of date.

Archived News Release — Caution: Information may be out of date.

The U. S. Department of Labor obtained a settlement agreement with trustees of the Connecticut Plumbers and Pipefitters pension fund and a former securities broker requiring them to pay more than $2.4 million in restitution and civil penalties. The settlement also requires the trustees to establish procedures on and monitor investments by the plan.

Archived News Release — Caution: Information may be out of date.

The U.S. Department of Labor today sued five home health care firms located throughout Louisiana, their principals and trustees of the firms’ pension plans for improperly using pension plan assets to benefit affiliated companies and plan trustees and to purchase the stock of a related company.

Archived News Release — Caution: Information may be out of date.

Chicago attorney George C. Hook was sentenced to seven years in prison and ordered to make $735,566 in restitution to the pension plan of Wittek Industries, now under trusteeship of the Pension Benefit Guaranty Corporation. The May 26 sentencing took place in the federal district court in Peoria, III. Hook was convicted May 29, 1997 of wire fraud, theft from a pension plan and money laundering for his role in raiding the company's pension plan.

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

For more information call: 202/219-8921

Washington, D.C. - In an effort to educate Americans about the importance of saving for retirement, Secretary of Labor Alexis M. Herman will join President Clinton and members of Congress for the first National Summit on Retirement Savings. It will be held at the Hyatt Regency Capitol Hill in Washington, D.C. today and Friday, June 5.

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

For more information call: (202) 219-8921

Small Business Administration Encourages Business Use

Secretary of Labor Alexis Herman today unveiled a new interactive website for small business owners who want to start a retirement savings plan for their employees.

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

Haverfield Corp. of Cleveland and certain corporate executives misused assets of the Haverfield Corp employee stock ownership plan (ESOP) to purchase company stock for the plan at artificially inflated prices, according to a lawsuit filed today by the U. S. Department of Labor.

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

For more information call: (202) 219-8921

The Advisory Council on Employee Welfare and Pension Benefit Plans, more popularly known as the ERISA Advisory Council, and its three recently-formed working groups will hold public meetings June 8 and 9. All sessions will take place in Conference Room N-4437 C&D at the U.S. Department of Labor's Frances Perkins Building, 200 Constitution Avenue NW, Washington, D.C.

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

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

Philadelphia-based Mercy-Douglass Corp., its subsidiaries and trustees of the company's pension plan have agreed to repay the plan $432,137, including interest, as a result of a consent judgment obtained by the U.S. Labor Department.

In addition, the consent judgment requires that an independent trustee be appointed to manage the plan.

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

A federal district court in Philadelphia ordered the trustee of the Dr. Lawrence Manin Profit Sharing Plan, located in Cherry Hill, N.J., to make $24,093 in restitution, sentenced him to12 months and one day in prison in prison, and placed him on probation.

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

The owner of a real estate investment firm, Bainbridge Investments, Inc., formerly located in Orange County, Calif., was sued by the U. S. Department of Labor for improperly operating the company’s profit sharing plan. The plan was financially illiquid and resulted in its inability to pay benefits owed to participants.

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

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

PROSERA CMI, Inc., an employee leasing firm formerly headquartered in Englewood, Colo., affiliated firms and their owner were removed from their positions with the firm’s health plan and permanently barred from serving or doing business with employee benefit plans governed by federal pension law under a court judgment obtained by the U. S. Department of Labor.

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

The U. S. Department of Labor has obtained a consent order and judgment requiring the trustees of the Choice Advantage Auto Group 401(k) and cafeteria plans to waive all rights to distributions from the 401(k) plan until until all other participants in the plan receive their full benefits.

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

The U. S. Department of Labor has obtained a settlement in which Deluxe Corp. and its subsidiary Deluxe Printers, Inc., based in St. Paul, Minn., have agreed to give employees a premium reduction on life insurance payments owed for eligible participants and dependents.

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

The U. S. Department of Labor today sued executives of Brewster Dairy, Inc., in Brewster, Ohio, for imprudently investing more than $1 million of the company’s 401(k) profit sharing plan assets in a real estate limited partnership.

Brewster Dairy is a manufacturer of cheese and other dairy byproducts. The 401(k) plan, which covered 194 employees, had $10,440,119 in assets as of March 1996.