IAM Leaders To Pay $240,000 To Dismiss DOL Lawsuit. IAM Pension Plan Agrees to Reform Questionable Practices

The IAM Pension Fund Trustees and the United States Department of Labor (DOL) have agreed to a settlement in the lawsuit filed by the DOL alleging numerous violations of the federal law that provides protections for employees in pension plans.  Nine current and former Fund Trustees have agreed to pay $200,000 to the Fund and $40,000 to the United States Treasury as a civil penalty.  The Fund has also agreed to change a number of its policies and practices, including:

  • adopt a policy that sets out a three-step process for selecting investment managers and consultants
  • use the new policy to conduct a search for the Fund’s general investment consultant, and
  • amend the Fund’s Code of Conduct and Ethics.

For more information on the allegations in the lawsuit click here. 

DOL v IAM Consent Judgment

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