A federal district court has ordered eye-care company Eye Centers of Tennessee LLC, its owner Dr. Larry E. Patterson, and its office administrator Raymond K. Mays to pay $971,622 in restitution to the company’s 401(k) plan.
A pair of former executives of First Farmers Financial are being punished for their involvement in the sale of $179 million in fraudulent loans to a Milwaukee company that provided investment services to 42 retirement plans covered by the Employee Retirement Income Security Act.
The Senate HELP Committee cleared Preston Rutledge’s nomination earlier in December; now the full Senate has approved his nomination to a post in which he will play a critical role overseeing the retirement planning industry and the future of the fiduciary rule.
The advancement of President Trump’s nominee to serve as the Assistant Secretary of Labor for the Employee Benefits Security Administration might not grab mainstream media headlines, but it represents a key development for the retirement planning industry.
A federal district court ordered a profit-sharing plan trustee
to sell personal real estate to meet restitution requirements, after the
trustee failed to ensure proper diversification and liquidity of plan assets.
A Department of Labor investigation found evidence that $5
million, including retirement plan assets covered by ERISA, was inappropriately
diverted and used to pay various business and personal expenses.