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

Featured Jobs

Plan Administrator

Forrestall CPAs, LLC
(Buford GA)

Forrestall CPAs, LLC logo

Retirement Plan Administration Consultant

(Telecommute / Edina MN)

TSC 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

By Date   |   By Company Name

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

Press release:

Federal Court Orders Illinois Pension Plan to Restore $419,758 Following DOL Investigation

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

Date: Oct. 22, 2018

CHICAGO, IL, October 19, 2018 - The U.S. Department of Labor has entered into an agreement with the fiduciaries of the Neuroscience Center LLC Defined Benefit Pension Plan to restore $419,758 to the Deerfield, Illinois-based retirement plan. The agreed-upon restoration is part of a consent judgment approved by the U.S. District Court, Northern District of Illinois.

The action follows an investigation by the Department's Employee Benefits Security Administration (EBSA) that found violations of the Employee Retirement Income Security Act (ERISA) by fiduciary and sole trustee Steven R. Devore Best and the Neuroscience Center LLC. EBSA investigators found Best used monies from the plan for the Neuroscience Center LLC's operating expenses, funded other companies he owns, and made personal loans to himself. Best conducted most of the unauthorized transactions in 2014 and 2015.

"Our investigation and the settlement that followed restores hard-earned retirement benefits to employees and protects their future," said Employee Benefits Security Administration Regional Director Jeffrey Monhart, in Chicago. "This case should remind all fiduciaries that they must work solely in the interest of plans and participants."

The consent judgment enjoins Best and the Neuroscience Center LLC from serving as fiduciaries to any employee benefit plan subject to ERISA in the future. The court ordered the restored monies to be allocated to participants' pension accounts - with the exception of Best's account - and appointed an independent fiduciary to distribute benefits to eligible participants.

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

Acosta v. Steven R. Devore Best, The Neuroscience Center LLC Defined Benefit Pension Plan
Civil Action No. 1:18-cv-03002


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, Inc.