The Department of Labor announced Monday that it had reached a settlement agreement with ING Life Insurance and Annuity Co. that provides for a $5.2 million payment to certain retirement plan clients adversely affected by ILIAC’s failure to disclose investment gains achieved when the company failed to process requested transactions in a timely manner.
The department alleged that ILIAC’s failure to disclose its policy on reconciling transaction processing errors to retirement plan clients was a violation of the Employee Retirement Income Security Act.
Acting Labor Secretary Seth Harris said in a statement that this “settlement will restore funds to about 1,400 retirement plans and ultimately benefit hardworking Americans who are making sacrifices now in order to save for their retirement years.”
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
