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

Featured Jobs

Junior Implementation Specialist - 401(k) Administration

Ubiquity Retirement + Savings
(Remote / San Francisco CA)

Ubiquity Retirement + Savings logo

DC Plan Administrator

Retirement, LLC
(Remote / Oklahoma City OK)

Retirement, LLC logo

Pension Administrator

MGKS
(Remote / Phoenix AZ)

MGKS logo

Manager - Defined Contribution Plans

M2B Retirement Consulting LLC
(Remote / Wexford PA)

M2B Retirement Consulting LLC logo

Distribution \ Loan Clerk

Retirement, LLC
(Remote / Oklahoma City OK)

Retirement, LLC logo

Defined Benefit Plan Consultant

Sentinel Benefits & Financial Group
(Remote / Wakefield MA / Melville NY / Bingham Farms MI)

Sentinel Benefits & Financial Group logo

DC Administrator

United Benefit Pensions Inc.
(Remote / Melville NY)

United Benefit Pensions Inc. logo

Compliance Analyst - 401(k) Administration

Ubiquity Retirement + Savings
(Remote / San Francisco CA)

Ubiquity Retirement + Savings logo

Site Manager / Senior Administrator

Nicholas Pension Consultants
(Remote / AZ / ID / NM / NV / UT)

Nicholas Pension Consultants logo

Senior Plan Consultant

Sentinel Benefits & Financial Group
(Remote / Wakefield MA)

Sentinel Benefits & Financial Group logo

Retirement Plan Administrator

Hessel & Associates, LLC
(Remote / IL)

Hessel & Associates, LLC logo

Retirement Plan Administrator

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

Nicholas Pension Consultants logo

Benefits Supervisor

NFL Player Benefit Office
(Baltimore MD)

NFL Player Benefit Office logo

Sr. Retirement Plan Administrator

Tycor Benefit Administrators, Inc.
(Berwyn PA)

Tycor Benefit Administrators, Inc. 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 Reaches Agreement to Restore More Than $1 Million to Chicago-based Health Insurance Trust Fund

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

June 12, 2018

CHICAGO, IL, June 12, 2018 - The U.S. Department of Labor has entered into an agreement with the fiduciaries of the National Allied Workers Union (NAWU) Local 831 Insurance Trust Fund to restore $1,113,636 to the Chicago-based health insurance trust fund after an investigation found violations of the Employee Retirement Income Security Act (ERISA). The fiduciaries will make an immediate payment of $813,636 to the NAWU Local 831 Insurance Trust Fund - Claims Reserve Account and $300,000 to the NAWU Local 831 Insurance Trust Fund - Independent Fiduciary Payment Account. Additionally, all four fiduciaries will retire as fund trustees by the end of 2018.

In the consent judgment entered by the U.S. District Court for the Northern District of Illinois, Eastern Division, the fund's fiduciaries - Robert J. Fiascone, Patrick Adams, Tonina Cozzo, and Vivienne Bailey - also agreed to the appointment of an independent fiduciary to ensure the fund functions in accordance with ERISA and for the sole benefit of its participants and beneficiaries.

After an investigation by the Chicago office of the Department's Employee Benefits Security Administration (EBSA) revealed the ERISA violations, the Department filed a complaint in federal court against Fiascone, Adams, Cozzo, and Bailey. The complaint alleged the fund trustees paid unreasonable compensation to the fund's service providers, Aegis Administrative Services Inc. (Aegis) and Noble Consulting Group. The compensation included payment of improper insurance commissions to Aegis. The complaint also alleged that the fund trustees set improper contribution rates for a participating employer in the fund, failed to maintain an adequate fidelity bond, and failed to appoint trustees properly.

"This settlement restores money to the fund for the payment of benefits and services necessary for the operation of the fund," said Jeffrey Monhart, Employee Benefits Security Administration Regional Director in Chicago. "Plan trustees must work solely in the interest of plans and participants."

The court has appointed an independent fiduciary to monitor the fund and the actions of the fund's trustees to ensure the fund functions in the best interest of its participants and beneficiaries. The independent fiduciary is also required to ensure the fund either meets the definition of a "multiemployer plan" under ERISA § 3(37), 29 U.S.C. § 1002(40), or operates in compliance with all applicable state and federal laws as a "multiple employer welfare arrangement" under ERISA § 3(40), 29 U.S.C. § 1002(40).

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 https://www.dol.gov/ebsa.

Acosta v. Fiascone, Adams, Cozzo, Bailey and the National Allied Workers Union Local 831 Insurance Trust Fund

Civil Action No. 1:17-cv-04285

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.