Department of Labor Takes Actions Against Employee Benefit Plans

The Department of Labor (DOL) released information yesterday that underscores the importance of high-quality and effective audits of employee benefit plans.  The DOL has filed a complaint in federal court seeking to restore over $400,000 to two benefit plans.  The lawsuit alleges that the plans’ administrator failed to account for money deposited to the plans and that the trustees of the plan failed in their fiduciary responsibilities by neglecting to monitor the actions of the plan administrator.  Specifically, the trustees failed to review and reconcile account statements for 5500 filings, review participant distribution calculations and require the administrator to issue participant statements.  A link to the full DOL release is below.

DOL seeks to recover more than $436,000 for 2 employee benefit plans of Columbus, Ohio-based Clark Graphics [10/12/2011]