California Pension Fiduciary Gets Jail Term for Ponzi Scheme
Thomas Brown Hammond was sentenced Wednesday to four years and nine months in prison for retirement fund theft.
Tag: Fiduciary
PSNC 2012: The New Fiduciary
Distinguishing between education and advice is among the most difficult issues when updating the definition of fiduciary, according to a Department of Labor (DOL) official.
RPG Consultants and IRON Financial Form Alliance
RPG Consultants and IRON Financial formed an alliance to enable retirement plan sponsors to use IRON Financial’s technology and portfolio management capabilities.
Firms Launch Fiduciary Outsourcing Solution
MillenniuM Investment & Retirement Advisors (MIRA) and Rosenbaum Law Firm introduced Fiduciary Freedom Solutions (FFS) for 401(k) and 403(b) plans.
Castle Rock Offers Benchmarking Tools
Castle Rock Innovations, LLC (CRI) is offering tools that focus on benchmarking fees and services.
Citi Releases White Paper About Meeting Fiduciary Standards
Citi released a white paper that details issues facing broker/dealers and registered investment advisers (RIAs) with delivering services to meet recommended changes to fiduciary requirements.
PNC Adds Mesirow Financial's Fiduciary Services
Mesirow Financial and PNC Institutional Investments introduced Employee Retirement Income Security Act (ERISA) Section 3(21) and 3(38) fiduciary services for PNC's Vested Interest retirement plan sponsors.
Employer Breached ERISA by Failing to Make Rollover Distribution
An employer breached his fiduciary duties under the Employee Retirement Income Security Act (ERISA) by failing to honor a former employee’s rollover distribution request.
DoL Sues Company for Failure to Remit Contributions
The U.S. Department of Labor (DoL) filed a lawsuit against Towson Rehabilitation Center LLC and CEO Howard Neels for failing to remit employees’ contributions to the company’s 401(k)...
Industry Players Mostly Pleased with Final Rule on 408(b)(2)
Members of the retirement plan community were mostly positive about the final rule on 408(b)(2) fee disclosure regulations.
Lincoln Financial Provides Predictions on Retirement Industry
Fee disclosure regulations, in-plan guarantees, target-date strategies and retirement planning optimism will significantly impact the retirement plans industry in 2012, predicts Chuck Cornelio, president of Lincoln’s Retirement Plan...
Reliance Trust Adds ESOP Valuation Expert
Reliance Trust Company added employee stock ownership plan (ESOP) valuation expert Bucky Wright to its investment team.
Broadridge Provides Fee Disclosure Overview to Plan Sponsors
A report from Broadridge Financial Solutions provides insights designed to help firms successfully navigate the new fee disclosure regulation being implemented by the Department of Labor.
EBSA Announces Voluntary Correction Program Events
The Department of Labor (DOL) announced upcoming voluntary fiduciary correction program workshops in three states.
Suit Claims Delphi CEO Violated Fiduciary Duty With Tokio Buyout
The Pontiac General Employees Retirement System is suing Delphi Financial Group over its buyout of Tokio Marine.
401(k) Sponsors Increasing Focus on Investments
A PSCA survey found that while companies are in the process of restoring contributions, they are also increasingly focused on plan investments.
Plan Administrator not Liable for Fiduciary’s Diversion of Assets
A profit sharing plan administrator is not liable for the unlawful diversion of plan assets by the fiduciary overseeing the plan’s management.
Revised Handbook Released for Multiemployer Plan Sponsors
A revised handbook for multiemployer plan trustees and administrators has been released from the The International Foundation of Employee Benefit Plans.
Security Benefit Partners with Mesirow on Fiduciary Services
Security Benefit Corporation, a Guggenheim Partners Company, has chosen Mesirow Financial to provide its customers with independent fiduciary services.