U.S. Labor Department Obtains $20 Million Settlement With Union Labor Life Over Retirement Plan Fees
U.S. Newswire, November, 2007
To: NATIONAL EDITORS
Contact: Gloria Della, 1-202-693-8664 or Richard Manning, 1- 202-693-4676, both of the U.S. Department of Labor
WASHINGTON,Nov. 16/PRNewswire-USNewswire/ --The U.S. Department of Labor today announced a settlement requiring Union Labor Life Insurance Co. (ULLICO) of Washington, D.C., to pay back nearly $16.7 million in fees and compensation to benefit plans that invested in Separate Account J (J for Jobs), a pooled separate account holding plan assets for the benefit of employee benefit plan investors. In addition, the insurer must pay $3.3 million to an escrow account to cover additional civil penalties and excise taxes resulting from alleged violations of federal employee benefits law.
Self-dealing by pension fiduciaries at the expense of...
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