Compliance January 28, 2010

DoL Releases Form 5500 Info on Benefit Plans

The U.S. Department of Labor's Employee Benefits Security Administration has released to the public online datasets of Form 5500 annual report/returns for approximately 800,000 retirement, health, and other employee benefit plans.
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The datasets include the raw data from all of the filings for plan years 1999 through 2008, including the data in the various schedules, according to a news release. The announcement said the datasets represent filings that are frequently requested under the Freedom of Information Act.

The filings have been useful in understanding the plan universe for policy, enforcement, research, outreach, and education for both the public and private sectors. The Form 5500 annual report/returns are a primary source of information about the operations, funding, and investments of employee benefit plans governed by the Employee Retirement Income Security Act (ERISA).

The online datasets of plan filings are available here.

Questions about the Form 5500 filings should be addressed to the EFAST Help Desk at 866- 463-3278. For problems accessing the files, e-mail webmaster.ebsa@dol.gov, or call the Public Disclosure Room for questions about the datasets at 202-693-8673.

Compliance January 28, 2010

Neuberger Berman Settles in Revenue Sharing Case

A federal court judge has given preliminary approval to a partial settlement in a lawsuit accusing Hartford Life Insurance Co. and Neuberger Berman Management of entering into revenue sharing agreements.
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An announcement on the Web site of law firm Shepherd, Finkelman, Miller & Shah, LLP, said the settlement is on behalf of all administrators of 401(k) plans, which engaged Hartford Life Insurance Company as a full-service provider and for which, at any time since November 14, 2003, Neuberger Berman has served as an investment adviser. The partial settlement provides for payment to a class of 575 administrators of $225,000, less any attorneys’ fees and costs approved by the court, according to the announcement.

The suit, filed in 2006, on behalf of Phones Plus Inc. against The Hartford Financial Services Group, Hartford Life Insurance Co., and Neuberger Berman Management alleges that the firms entered into revenue sharing agreements and arrangements with various mutual funds, and among themselves, in violation of the Employment Retirement Income Security Act (ERISA).

The law firm is in the process of identifying and notifying all class members.

More information is available here.

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