Jump to content

Search the Community

Showing results for tags 'fraud'.

  • Search By Tags

    Type tags separated by commas.
  • Search By Author

Content Type

Forums (Message Boards)

  • Retirement Plans
    • 401(k) Plans
    • Defined Benefit Plans, Including Cash Balance
    • Retirement Plans in General
    • Distributions and Loans, Other than QDROs
    • IRAs and Roth IRAs
    • 403(b) Plans, Accounts or Annuities
    • Cross-Tested Plans
    • Correction of Plan Defects
    • SEP, SARSEP and SIMPLE Plans
    • Qualified Domestic Relations Orders (QDROs)
    • Employee Stock Ownership Plans (ESOPs)
    • Plan Terminations
    • Governmental Plans
    • Plan Document Amendments
    • 457 Plans
    • Investment Issues (Including Self-Directed)
    • Operating a TPA or Consulting Firm
    • Estate Planning Aspects of IRAs and Retirement Plans
    • Continuing Professional Education
    • ERPA (Enrolled Retirement Plan Agent)
  • Issues Spanning Multiple Types of Plans
    • Form 5500
    • Communication and Disclosure to Participants
    • Litigation and Claims
    • Church Plans
    • Securities Law Aspects of Employee Benefit Plans
    • Mergers and Acquisitions
    • Multiemployer Plans
    • International, Expat Benefits
    • Miscellaneous Kinds of Benefits
  • Health & Welfare Plans
    • Cafeteria Plans
    • Health Plans (Including ACA, COBRA, HIPAA)
    • Health Savings Accounts (HSAs)
    • VEBAs
    • Other Kinds of Welfare Benefit Plans
  • Executive Comp; Section 409A
    • 409A Issues
    • Nonqualified Deferred Compensation
  • Miscellany: Other Than Employee Benefits
    • Using the Message Boards (a.k.a. Forums)
    • Humor, Inspiration, Miscellaneous
    • Computers and Other Technology
  • User Groups (Unofficial)
    • ftwilliam.com
    • Relius Administration

Find results in...

Find results that contain...

Date Created

  • Start


Last Updated

  • Start


Filter by number of...


  • Start





Website URL






Found 4 results

  1. Multiemployer pension plan. Participant files an application for benefits. States he is not married and chooses a non-spousal, 60 sum certain form of payment. Lists son as his beneficiary. Participant received payments for about a year and dies. Just to complicate matters, participant never cashed his payments. Son began receiving the payments that participant was entitled to before his death, along with the remaining payments for over a year now (and continues to do so). The Fund has now learned that participant was married at his effective date and at his death. Spouse now wants her pension benefit. Not that we are obligated to follow it, but the probate court has awarded her spousal benefits. No idea if it is applicable, but our plan document does include a statement that if a participant, beneficiary, ect makes a false statement/furnishes fraudulent information relevant to a claim for benefits, then benefits not vested shall be denied, suspended, or discontinued. But the fact that we are dealing with vested benefits, I'm not sure we could have the participant's actions effect the wife's entitlement to benefits. Any suggestions on how to handle this situation? Just spitballing here, but it seems like we need to stop the son's payment ASAP. With SECURE Act 2.0, its likely gonna prove difficult to seek an overpayment from son, unless we have on record some fraudulent statement made by him, which I doubt. Once the wife applies, we should adjust the form of payment to a spousal pension, and give her the payments participant was entitled to prior to his death, and spousal payments until her death. I don't like the thought of having to pay out some benefit periods twice, but I'm not sure there is any way around it. We probably should also set the record straight with the probate court about federal preemption. Any and all guidance is appreciated.
  2. An employee of a sponsor of a 401(k) plan fraudulently caused deposits, in excess of what was deferred, to be made for the employee and several others in a 401(k) plan. Now that this has been discovered, the question arises whether these additional contribution could be returned to the sponsor under ERISA §403(c)(2), mistake of fact. This occurred in 2017 so we are within the one-year time constraint. Thoughts?
  3. An unprecedented number of deaths are going unreported by the SSA. In fact, almost 50% less deaths! This is due a re-interpretation of Section 205® of the Social Security Act that took place in November of 2011 that prohibits the SSA from reporting "State Death Records" in the Public Death Master File (DMF). The SSA is still reporting deaths from every State in the country but these deaths were reported by a "First Party Source" (Family, Friends, Funeral Homes, Hospitals, Coroners, etc.) Below are the annual totals of deaths reported by the SSA from 2010 to 2015: Annual Deaths Reported by the SSA DMF: 2010 to 2015 *2010: 2,450,902 *2011: 2,318,302 (5.4% Decrease - SSA changes took place in NOV 2011) *2012: 1,150,663 (35.5% Decrease) *2013: 1,474,973 (39.9% Decrease) *2014: 1,284,624 (47.6% Decrease) *2015: 1,259,106 (48.6% Decrease) This has led to million of pension overpayments to deceased participants (fraud) and crippled many already underfunded pension plans. This is compounded by the fact that many Defined Benefit plan sponsors use direct deposit and these accounts are shared with a spouse, relative, and/or caretaker. It's the easiest fraud to get away with! What's funny (or not funny) is that the Federal Government IS using these "State Death Records" for government agencies such as the IRS and Medicare but they won't share deaths with the Public including Local and State Government. For more information, please contact Kyle McDonald at PBI at 415-299-8249 or at kylem@pbinfo.com.
  4. Hello all and thank you for taking the time to look at this. I am hopeful that somebody reading this might have the information that I need to make the right decisions. I'll try to keep this as condensed as possible, so there may be important details I've missed. Please ask if you need more detail. The details: wife is fired by employer with 403b (2009) wife has cancer and short time to live ( diagnosed Jan2010 - deceased Mar 2011) wife has daughter from previous marriage wife asks me to sign spousal consent form to transfer 403b to IRA with XYZ Bank (around Dec 2010) I ask bank rep the following two questions - 1) will I remain the beneficiary - answer Yes 2) will it continue to require my signature to change the beneficiary info after converted to IRA - answer Yes I sign a document titled Spousal Consent - from what I recall on the doc there was no information regarding death, or giving up rights, basically a document saying that we the bank want to manage this account to provide you the best returns blah blah blah. I later discover on an IRA statement that the wife has changed beneficiary to the daughter my copy of what was signed goes missing (daughter suspected) I call the bank rep - rep won't talk to me I go to the bank - they won't talk to me (not a named beneficiary) try to get copy of signed Spousal Consent to see what it says from bank, ex-employer, two 403b funds (Vanguard, Fidelity) - no success my attorney ask the bank for copy of document from the bank and they tell him they have no copy of any documents ever signed by me as part of the ongoing estate battle - the daughter (also executrix and beneficiary of bank accounts, land, life insurance, ...) supposedly looks into this and also cannot get any documents from the bank or funds - according to her lawyer I have looked at multiple Spousal Consent forms from my employer and online source and universally, they all have language in them that clearly state you may be giving up your rights to the money, etc. The document I signed had nothing like that (from what I recall). Clearly I knew wife was going to die and tried to carefully review the consent form for any similar language and nothing raised any flags. I continue to believe that the bank rep has a fiduciary responsibility to me as a beneficiary to inform me accurately about the impact of the transfer to IRA. Is all hope lost? I have had a very difficult time finding anyone well versed in this subject - please help.
  • Create New...