Regional Vice President of Sales The Retirement Plan Company
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DOL Alleges Annuity Brokerage Firm Made Illegal Profits in Handling Purchase of Single-Premium Annuity by DB Plan
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] Sept. 11, 2012
Link to a DOL press release. "The U.S. Department of Labor has filed a lawsuit against defendants Dietrich & Associates Inc., an insurance brokerage firm in Plymouth Meeting, and its chief executive officer and sole shareholder, Kurt E. Dietrich, to disgorge $522,047 plus interest gained from [allegedly] illegal activities related to the company's role as fiduciary to a hospital pension plan....[T]he suit alleges that Dietrich & Associates deceived the pension plan and its fiduciaries by falsifying the final bids of Hartford's competitors so that Hartford would appear to have the lowest bid. This action prevented the pension plan from knowing the true cost of the defendants' services and deprived the pension plan of the opportunity to negotiate the amount of any insurer-paid commission or other payment as an element of the total cost of its annuity."
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