From DOL Site:
“The U.S. Department of Labor has sued trustee Colette Mordo for alleged misuse of more than $4.6 million in plan assets of the Sadimara Knitwear Inc. and the Stallion Knits Ltd. defined benefit pension plans, in violation of her fiduciary duties under the Employee Retirement Income Security Act. The lawsuit is based on an investigation by the department’s Employee Benefits Security Administration.”
This will likely be one of many more stories of troubles with various pensions. Whether the problem is mismanagement by trustees, or by politicians who
take pension money to pay for other government programs (can’t lose votes! – see Ireland, Hungary, and France for recent examples; coming to a pension near you).
My advice is that people get educated about their pension (if you’re actually vested in one – a rare thing these days). For more education on this topic, go to my company site and see my article:
For more information on news bulletins like the above from the Department of Labor, go HERE DOL.gov.
For more info on Chris: About Chris Grande
For more info on Chris’ firm: About Walnut Hill Advisors, LLC
Do you have thoughts or opinions on this? Feel free to share below I’d enjoy your comment!