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USI Advisors Inc. has agreed to pay nearly $1.3 million to 13 pension plans to resolve alleged violations of the Employee Retirement Income Security Act.

An investigation by the U.S. Department of Labor’s Employee Benefits Security Administration found that the Glastonbury, Conn.-based fiduciary investment advisor made investments in mutual funds on behalf of ERISA-covered defined benefit plan clients and received 12b-1 fees from those funds. A 12b-1 fee is paid by a mutual fund out of fund assets to cover certain expenses.

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