Featured Jobs
|
DWC - The 401(k) Experts
|
|
MAP Retirement
|
|
MAP Retirement
|
|
BPAS
|
|
Strategic Retirement Plan Consultant Retirement Plan Consultants
|
|
Plan Administrator, Defined Benefit & Cash Balance The Pension Source
|
|
Sentinel Group
|
|
Defined Benefit Plan Consultant/Actuarial Analyst Sentinel Group
|
|
Pattison Pension
|
|
Retirement Relationship Manager MAP Retirement
|
|
Regional Vice President, Sales MAP Retirement
|
Free Newsletters
“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
|
|
|
Madoff-Related Liability Insurance Litigation
ERISA Fiduciary Guidebook 
July 20, 2009
Excerpt: [A recent case has been] filed in connection with a profit sharing plan where 100% of the assets ($12,000,000) was invested with Bernard L. Madoff Securities LLC.... The Complaint filed by the plan sponsor against the insurer provides an indication as to the allegations being made by the DOL in requiring the plan sponsor to restore losses. According to the Complaint, the DOL is claiming 'errors' on the part of fiduciaries: In failing to obtain a signed statement from Madoff acknowledging he was a fiduciary and registered as an investment advisor under The Investment Advisors Act of 1940. In failing to provide the DOL with copies of quarterly performance reports, written quarterly investment reviews, information on costs associated with the Plan, and an Investment Policy Statement.
|
| Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the linked news item's title). |
| An important word about authorship: BenefitsLink® created this link to the news item, but we are not the news item's author (unless expressly shown above). |