Subscribe (Free) to
Daily or Weekly Newsletters
Post a Job

Featured Jobs

Fund Reconciliation and Reorg Analyst

Ubiquity Retirement + Savings
(Remote / San Francisco CA)

Ubiquity Retirement + Savings logo

Policy Researcher, Analyst, and Writer

Policy Futures Network
(Remote / Washington DC)

Assistant Director of Pension Administration

Primark Benefits
(Remote / San Mateo CA)

Primark Benefits logo

Retirement Plan Administrator

Nicholas Pension Consultants
(Remote / Rancho Cordova CA / Corona CA)

Nicholas Pension Consultants logo

DB/DC Administrator

Primark Benefits
(Remote / San Mateo CA)

Primark Benefits logo

Retirement Plan Specialist

Benefit Plans Plus
(Remote / Saint Louis MO / Edwardsville IL)

Benefit Plans Plus logo

401(k) Plan Analyst

Evergreen Retirement Plan Consulting, LLC
(Remote)

Evergreen Retirement Plan Consulting, LLC logo

Compliance Analyst - Defined Contribution Plans

M2B Retirement Consulting LLC
(Remote / PA)

M2B Retirement Consulting LLC logo

Retirement Program Specialist

Orange County Employees Retirement System
(Santa Ana CA)

Orange County Employees Retirement System logo

Relationship Manager, Retirement

National Benefit Services, LLC
(Remote / West Jordan UT)

National Benefit Services, LLC logo

Enrolled Actuary - Pensions

Robin S. Weingast & Associates
(Remote / Garden City NY / CT / NJ)

Robin S. Weingast & Associates logo

Project Coordinator/New Business Implementation Team

The Retirement Plan Company (TRPC)/an ABG firm
(Remote)

The Retirement Plan Company (TRPC)/an ABG firm logo

Head of Sales-Retirement Plans

The Standard
(Remote / Portland OR)

The Standard logo

View More Employee Benefits Jobs

Free Newsletters

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

-- An attorney subscriber

Mobile App image LinkedIn icon
Twitter icon
Facebook icon

Press Releases by Date   |   Press Releases by Company Name


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

Press Release

DOL Investigations Help Retirement Plans Recover Nearly $16 Million After Losses from Fraudulent Loans

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

Feb. 11, 2018

CHICAGO, IL – The U.S. Department of Labor has entered into a settlement agreement with U.S. Fiduciary Services and three of its subsidiaries that provides for payment of more than $7 million to 42 retirement plans that suffered losses as a result of investments in fictitious loans made by Florida-based First Farmers Financial LLC (FFF).

The agreement and anticipated future payments from a pending Receivership Estate case involving FFF are expected to compensate the retirement plans fully for approximately $16 million in losses.

FFF created the fictitious loans and forged documents stating that the loans were guaranteed by the U.S. Department of Agriculture.  Forty-two retirement plans invested in a fund exposed to the fraudulent FFF loans through subsidiaries of U.S. Fiduciary Services.

EBSA’s Chicago and Atlanta regional offices conducted investigations of the subsidiaries – Salem Trust Company, Pennant Management Inc., and GreatBanc Trust Company – for potential violations of the Employee Retirement Income Security Act of 1974 (ERISA) in connection with the plans’ investments in a fund exposed to the fictitious FFF loans.

After its investigations, the Department entered into the settlement agreement with U.S. Fiduciary Services and the three subsidiaries, resolving its claims of ERISA violations. Representatives of the ERISA-covered retirement plans that are due to receive settlement proceeds were also parties to the settlement agreement.  The Department’s Office of the Solicitor assisted EBSA in the investigation and negotiated the settlement.

“Fiduciaries must work solely in the interest of participants and beneficiaries,” said Jeffrey A. Monhart, EBSA Regional Director in Chicago. “The Department of Labor conducts investigations and undertakes enforcement actions to protect Americans’ hard-earned benefits. This settlement restores vital benefits that rightfully belong to employees.”

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 http://www.dol.gov/ebsa.
EBSA News Release:
02/09/2018

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


Editor's note: This press release has been issued by the company named above, not BenefitsLink. Reliance on information in this press release might be prudent only 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.

© 2022 BenefitsLink.com, Inc.