Please note: As of January 20, 2021, information in some news releases may be out of date or not reflect current policies.
Federal Court Orders Illinois Pension Plan to Restore $419,758 Following U.S. Department of Labor Investigation
CHICAGO, IL – The U.S. Department of Labor has entered into an agreement with the fiduciaries of the Neuroscience Center LLC Defined Benefit Pension Plan to restore $419,758 to the Deerfield, Illinois-based retirement plan. The agreed-upon restoration is part of a consent judgment approved by the U.S. District Court, Northern District of Illinois.
The action follows an investigation by the Department’s Employee Benefits Security Administration (EBSA) that found violations of the Employee Retirement Income Security Act (ERISA) by fiduciary and sole trustee Steven R. Devore Best and the Neuroscience Center LLC. EBSA investigators found Best used monies from the plan for the Neuroscience Center LLC’s operating expenses, funded other companies he owns, and made personal loans to himself. Best conducted most of the unauthorized transactions in 2014 and 2015.
“Our investigation and the settlement that followed restores hard-earned retirement benefits to employees and protects their future,” said Employee Benefits Security Administration Regional Director Jeffrey Monhart, in Chicago. “This case should remind all fiduciaries that they must work solely in the interest of plans and participants.”
The consent judgment enjoins Best and the Neuroscience Center LLC from serving as fiduciaries to any employee benefit plan subject to ERISA in the future. The court ordered the restored monies to be allocated to participants’ pension accounts - with the exception of Best’s account - and appointed an independent fiduciary to distribute benefits to eligible participants.
Employers and workers can reach EBSA toll-free at 866-444-3272 for help with problems related to private-sector retirement and health plans. Additional information can be found at http://www.dol.gov/ebsa.
Acosta v. Steven R. Devore Best, The Neuroscience Center LLC Defined Benefit Pension Plan
Civil Action No. 1:18-cv-03002