Consent Order Restores $3.5 Million, Appoints Independent Fiduciaries and Replaces Most Trustees to Plumbers Local 38 Employee Benefit Plans
U.S. Newswire, August, 2007
To: LABOR EDITORS
Contact: Gloria Della of U.S. Department of Labor, 1-202-693- 8664, 1-202-693-4676
SAN FRANCISCO, Aug. 17 /PRNewswire-USNewswire/ -- A consent order resolving a U.S. Department of Labor lawsuit places control of five employee benefit plans sponsored by Local 38 of the United Association of Plumbers, Pipefitters and Journeymen of San Francisco with independent, court-appointed fiduciaries, replacing all but two of the plans' trustees, and permanently barring them and the former plan administrator from serving as fiduciaries or service providers to any such plans. It also requires payment of $3.5 million to the union's pension plan from the defendants' fiduciary liability insurer and additional money may be paid from the expected sale of the Konocti...
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