US - The Pension Benefit Guaranty Corp (PBGC), the US corporate pension lifeboat fund, has assumed responsibility for 88 members of the East River Management Corp. after the scheme lost all its assets in the Madoff scandal.
The PBGC said it would assume about $2m of benefits liabilities, but this would have "no material effect" on its financial statements.
Bernard Madoff has also been indicted by the US government and FBI, and faces 11 felony charges, including securities fraud, investment advisor fraud, mail fraud, wire fraud, three counts of money laundering, false statements, perjury, false filings with the SEC and theft from an employee benefits plan.
If convicted on all counts, the disgraced investor would face a statutory minimum sentence of 150 years' in jail.
Although Madoff has not yet filed a plea, many expect him to plead guilty to some or all of the charges.
Ex-BHS owner Dominic Chappell has been ordered to pay a total of £87,000 in fines and court costs after he was found guilty of failing to provide The Pensions Regulator (TPR) with information.
The Department for Work and Pensions (DWP) has said it while believes in the benefits of consolidating defined benefit (DB) schemes, there are significant issues to overcome.
There is just one week left to register to enter the Workplace Savings and Benefits Awards 2018.
Nearly a third (32%) of employers believe new technologies, such as augmented and virtual reality, will play a part in benefits communications, latest research from Aon Employee Benefits reveals.