Compliance September 23, 2016

DOL Accuses Company of Failing to Make Contributions to 401(k)

Electrical equipment installation company Steven Keares Inc. owes more than $166,000 to the plan.
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In an investigation conducted by the Department of Labor (DOL), electrical equipment installation company Steven Keares Inc., along with owner Harry Keares, were found to have violated the Employee Retirement Income Security Act (ERISA) by suppressing employee pay and failing to remit employee contributions and loan repayments.

Investigators disclosed that from April 27, 2012, through December 26, 2014, the company, which offered the Steven Keares Inc. 401(k) Retirement Plan for employees, had withheld pay and failed to remit $33,411 in employee contributions, along with $9,311 in loan repayments. Since June 7, 2016, the lost earnings are reported to be $4,128.

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In addition, the company did not pay $111,403.29 in prevailing wage contributions to the plan from December 8, 2011, through April 18, 2014, resulting in $7,766 in lost earnings on prevailing wage contributions. Adding all figures, the total owed to the plan is $166,021.71.

The complaint is pursuing the missing employee contributions, loan repayments, wage contributions and the plan’s lost earnings, as well as removing the company and Keares as plan fiduciaries and instead appointing an independent fiduciary, permanently barring the company and Keares as plan fiduciaries, and applying Keares’ account balance to plan losses. 

Deals & People September 23, 2016

Retirement Industry People Moves

Segal Names National Director of Multiemployer Consulting; and Cammack Expands into Southeast With Addition of Consultant.
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Segal Names National Director of Multiemployer Consulting

The Segal Group has announced that its senior vice president and benefits consultant David Brenner has been appointed as the firm’s national director of multiemployer consulting.

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“David has spent his career devoted to working with trustees of multiemployer benefits plans to help improve their participants’ health and retirement readiness,” says incoming president and CEO David Blumenstein. “He is uniquely qualified to lead our multiemployer business because of his wide-ranging knowledge of the issues, opportunities and challenges trustees currently face. We are excited to have him take on this role.” 

Brenner will be tasked with leading Segal’s Multiemployer Leadership Group. He currently specializes in consulting to multiemployer funds including health and welfare plans, defined benefit (DB) pension plans and defined contribution (DC) pension plans. He also serves on the working committee of the National Coordinating Committee for Multiemployer Plans (NCCMP).

Before coming to Segal in 1995, Brenner was a trustee of a multiemployer health and welfare fund, as well as a DB pension plan in Massachusetts. He is a graduate of the University of Massachusetts at Amherst and holds a bachelor’s degree with an individual concentration in labor studies. He received a Juris Doctor degree from Northeastern University’s School of Law.

Brenner succeeds Blumenstein, who will become president and CEO of The Segal Group on October 1.

The Segal Group is an independent firm of benefit, compensation and human resources consultants headquartered in New York.

NEXT: Cammack Expands into SoutheastWith Addition of Consultant  

Cammack Expands into SoutheastWith Addition of Consultant

Cammack Retirement Group, an independent retirement plan consulting and investment advisery firm, has hired Joey Payne as vice president and senior consultant. He is tasked with providing the firm’s services to colleges and universities, as well as other nonprofits, health care organizations, and corporate plan sponsors.

Payne joins Cammack Retirement from the University of Kentucky, where he served as chief benefits officer overseeing all of the university’s benefit plans, including numerous retirement plans and the medical program. He was also the executive director of the Know Your Rx Coalition, which is available for any non-profit higher education and health care institution or public sector organization. 

"I am extremely excited to join Cammack Retirement Group,” Payne says. “The firm has a great reputation within higher education, health care and tax-exempt markets. There is also a common theme of helping plan sponsors establish proper fiduciary processes, lowering plan expenses, and facilitating retirement readiness for plan participants.”

Jeff Levy, Cammack Retirement’s managing partner, added, “We are thrilled to add Joey’s extensive knowledge and experience in higher education and tax-exempt organizations to our firm, and his presence in the south-central United States to expand our footprint, as we serve clients on a nationwide basis.” 

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