When Plan Fiduciaries Ignore Their Duties

June 27, 2012 at 6:31 am Leave a comment

A Plan Fiduciary has many different responsibilities.   The most important duty a Plan Fiduciary has is maintaining the plan in the best interests of plan participants.   Part of that responsibility includes having employee deposits made on a timely basis.  One significant warning sign for employees of problems with their retirement plans is not seeing the deposits made when the funds were withheld from their pay.

The EBSA has a link on their web site updating the public on their enforcement actions.   An example of a plan fiduciary, specifically the trustee, pleading guilty for not making the employee deposits to the plan and other related plan embezzlement is located on their site at http://www.dol.gov/ebsa/pdf/cepr040612a.pdf. This case reminds us how important ethics and accountability is for everyone involved in the pension industry.

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Christine Gurney

A pension professional who shares her thoughts and ideas about the pension world for industry members and anyone else interested.

@ChristineGurney

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