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

Pension Administrator

MGKS
(Remote / Phoenix AZ)

MGKS logo

Senior Actuarial Analyst/ Project Manager

Van Iwaarden Associates
(Remote / Minneapolis MN)

Van Iwaarden Associates logo

Sr. Retirement Plan Administrator

Tycor Benefit Administrators, Inc.
(Berwyn PA)

Tycor Benefit Administrators, Inc. logo

Distribution \ Loan Clerk

Retirement, LLC
(Remote / Oklahoma City OK)

Retirement, LLC logo

Manager - Defined Contribution Plans

M2B Retirement Consulting LLC
(Remote / Wexford PA)

M2B Retirement Consulting LLC logo

Senior Retirement Plan Administrator

Enhanced Retirement Solutions
(Rochester NY)

Enhanced Retirement Solutions logo

Site Manager / Senior Administrator

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

Nicholas Pension Consultants logo

Defined Benefit Plan Consultant

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

Sentinel Benefits & Financial Group logo

Plan Consultant

Sentinel Benefits & Financial Group
(Remote / Wakefield MA)

Sentinel Benefits & Financial Group logo

Retirement Plan Administrator

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

Nicholas Pension Consultants logo

Retirement Plan Administrator

Hessel & Associates, LLC
(Remote / IL)

Hessel & Associates, LLC logo

DC Plan Administrator

Retirement, LLC
(Remote / Oklahoma City OK)

Retirement, LLC logo

Compliance Analyst - 401(k) Administration

Ubiquity Retirement + Savings
(Remote / San Francisco CA)

Ubiquity Retirement + Savings logo

Benefits Supervisor

NFL Player Benefit Office
(Baltimore MD)

NFL Player Benefit Office logo

Senior Plan Consultant

Sentinel Benefits & Financial Group
(Remote / Wakefield MA)

Sentinel Benefits & Financial Group logo

DC Administrator

United Benefit Pensions Inc.
(Remote / Melville NY)

United Benefit Pensions 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

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

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 http://www.dol.gov/ebsa.

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

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.