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

Featured Jobs

Project Coordinator/New Business Implementation Team

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

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

Retirement Program Specialist

Orange County Employees Retirement System
(Santa Ana CA)

Orange County Employees Retirement System logo

Retirement Plan Specialist

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

Benefit Plans Plus logo

Relationship Manager, Retirement

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

National Benefit Services, LLC logo

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

Compliance Analyst - Defined Contribution Plans

M2B Retirement Consulting LLC
(Remote / PA)

M2B Retirement Consulting LLC logo

401(k) Plan Analyst

Evergreen Retirement Plan Consulting, LLC
(Remote)

Evergreen Retirement Plan Consulting, LLC logo

Head of Sales-Retirement Plans

The Standard
(Remote / Portland OR)

The Standard logo

Enrolled Actuary - Pensions

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

Robin S. Weingast & Associates logo

Policy Researcher, Analyst, and Writer

Policy Futures Network
(Remote / Washington DC)

Fund Reconciliation and Reorg Analyst

Ubiquity Retirement + Savings
(Remote / San Francisco CA)

Ubiquity Retirement + Savings logo

DB/DC Administrator

Primark Benefits
(Remote / San Mateo CA)

Primark Benefits 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

Tennessee Insurance Agency to Pay $3,818,181 in Restitution to Employee Stock Ownership Plan After DOL Investigation

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

Mar. 18, 2020

NASHVILLE, TN, March 18, 2020 – The U.S. District Court for the Middle District of Tennessee, Nashville Division, has approved a settlement between the U.S. Department of Labor, Zander Group Holdings Inc., Stephen Thompson and Jeffrey Zander involving the company’s Employee Stock Ownership Plan (ESOP).

An investigation by the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) found in September 2011, the Zander Group Holdings Inc. ESOP paid more than fair market value when it purchased a 49 percent interest in Zander Insurance in violation of the Employee Retirement Income Security Act (ERISA). In keeping with the parties’ settlement agreement, defendants will pay $3,818,181 in restitution to the ESOP. The department also assessed a civil penalty of $381,818 against the defendants.

“Individuals and companies acting on behalf of retirement plan participants must act in good faith and in their workers’ best interests,” said EBSA Regional Director Isabel Culver, in Atlanta, Georgia. “The U.S. Department of Labor will continue to work to protect the retirement plans of hardworking Americans.”

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’s mission is to assure the security of the retirement, health and other workplace related benefits of America’s workers and their families. EBSA accomplishes this mission by developing effective regulations; assisting and educating workers, plan sponsors, fiduciaries and service providers; and vigorously enforcing the law.

The mission of the Department of Labor is to foster, promote and develop the welfare of the wage earners, job seekers and retirees of the United States; improve working conditions; advance opportunities for profitable employment; and assure work-related benefits and rights.

BL:hh

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.