Subscribe Now!
Free Daily News, Jobs, Webcasts, Discussions
Display and Distribute
Your Job Openings
COVID-19 News
COVID-19 Webcasts

Featured Jobs

Retirement Plan Administration Consultant

TSC
(Telecommute / Edina MN)

TSC logo

Plan Administrator

Forrestall CPAs, LLC
(Buford GA)

Forrestall CPAs, LLC logo

Free Daily News and Jobs

“BenefitsLink continues to be the most valuable resource we have at the firm.”

-- An attorney subscriber

Get the BenefitsLink app LinkedIn
Twitter
Facebook

By Date   |   By Company Name


View More Press Releases by Employee Benefits Security Administration [EBSA], U.S. Department of Labor

Press release:

Fiduciary Enjoined for Permitting Prohibited Transactions from National Production Workers Union Severance Trust Plan

Issued by: Employee Benefits Security Administration [EBSA], U.S. Department of Labor

Date: Jan. 27, 2016

Date of Action: Jan. 22, 2016

Type of Action: Complaint and Consent Order and Judgment

Names of Defendant: Anthony Monaco, National Production Workers Union Severance Trust Plan

Allegations: From at least Jan, 1, 2010 to April 30, 2015, the trustees of the Oak Brook, Illinois-based National Production Workers Union Severance Trust Plan had appointed Anthony Monaco to serve as Plan Manager of the Severance Plan, in such capacity he served as a fiduciary to the Severance Plan.

Between at least Jan. 1, 2010 and approximately Nov. 16, 2012, the Severance Plan and the National Production Workers Insurance Trust Fund (Insurance Fund) jointly paid administrative expenses. During that time period, Monaco oversaw the administration of the Severance Planís and the Insurance Fundís finances and he was responsible for overseeing the proper allocation of expenses between the Severance Plan and the Insurance Fund.

An investigation by the Employee Benefits Security Administration found several instances when the Severance Fund improperly paid for the Insurance Fundís administrative expenses. Between Jan. 1, 2010, and Dec. 31, 2010, the Severance Plan paid $11,359.00 in shared expenses that should have been paid by the Insurance Fund. These expenses were improperly allocated to the Severance Plan by Monaco and were in fact expenses related solely to the Insurance Fund. Additionally during the same time, the Severance Plan paid $13,420.12 in shared expenses that should have been paid by the Insurance Fund. These expenses were improperly allocated to the Severance Plan by Monaco and were in fact expenses related solely to the Insurance Fund. On approximately Nov. 16, 2012, the Severance Plan paid $32,678.50 in shared expenses that should have been paid by the Insurance Fund. These expenses were improperly allocated to the Severance Plan by Monaco and were in fact expenses related solely to the Insurance Fund. These transactions violated the Employee Retirement Income Security Act.

Monaco also failed to locate missing participants and make distributions to them. At least 10,192 participants with plan accounts totaling over $13,600,000, have funds that Monaco failed to distribute to them.

Monaco also improperly allowed the Severance Fund to transfer plan assets to other individuals and an affiliated 401(k) Plan.  These additional improper transfers totaled $6,248.00

Resolution: Monaco resigned from all fiduciary positions with the plan, including the position of plan administrator and plan manager. All of the losses associated with the alleged violations in the complaint have been repaid to the plan and distributions will be made to participants.  Moreover, Monaco has been enjoined from serving as a fiduciary or service provider to any ERISA covered plan in the future.

Court: United States District Court, Northern District of Illinois, Eastern Division

Docket Number: 1:16-CV-00597

Employers and workers can reach EBSA toll-free at 866-444-3272 for help with problems related to private sector retirement and health plans.  Additional information can be found at www.dol.gov/ebsa.

BL:hh

View More Press Releases by Employee Benefits Security Administration [EBSA], U.S. Department of Labor


This is a press release issued by the company named above. BenefitsLink is not the author. Use of any information obtained from this release is voluntary, and reliance on it should only be undertaken after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by BenefitsLink.

© 2020 BenefitsLink.com, Inc.