The U.S. Department of Labor filed a lawsuit against a Plymouth Meeting, Pa., company and its CEO because of violations of the Employee Retirement Income Security Act.
The Employee Benefits Security Administration conducted an investigation of Dietrich & Associates Inc., an insurance brokerage firm, finding that Kurt E. Dietrich, the CEO and sole shareholder of the company received $522,047 plus interest from illegal activities related to the company's role as fiduciary to Memorial Hospital-West Volusia Inc.'s pension plan.
Memorial Hospital, in Deland, Fla., merged with Adventist HealthCare system in about 2003. As part of that merger, the hospital terminated its defined benefit pension plan and sought the purchase of a single-premium group annuity to ensure the payment of vested benefits. Dietrich acted as plan fiduciary in securing the annuity.
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