US - Trustees of the Cleveland Sheet Metal Workers Local 33 Pension Plan have been ordered to return US$625,000 to the scheme and pay a $125,000 fine by the US Department of Labor.
The Department brought legal action against five of the $95m plan's trustees over alleged violations of the Employee Retirement Income Security Act (ERISA) through making "imprudent and risky inves...
To continue reading this article...
Join Professional Pensions
- Unlimited access to real-time news, analysis and opinion from the industry
- Receive our in-depth monthly magazine in either print or digital format
- Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
- Receive important and breaking news stories selected by the Editors in our daily newsletter
- Hear from industry experts and other forward-thinking leaders
- Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date