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The Department of Labor's Employee Benefits Security Administration determined he defrauded $2 million from the Rehabilitation Center for Children & Adults Inc. Pension Trust
The majority of DB plan sponsors plan to completely divest all of their company’s liabilities in the near future
They are seeking reductions as high as 50%.
This enables corporations to expense their contributions at a higher tax rate, according to Cerulli.
The trustee is ordered to pay $234,271 in restitution, serve a year of probation and is barred from serving as a fiduciary to a benefit plan for 13 years.