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Michigan Pension Fund Recovers $700,000 from Trustee
Funds Mutual Vanguard By Staff
Florida's pension fund lost $335 million on its Enron investments, more than any other public entity.
Funds Mutual Top (AXcess News) Lansing MI - A suit filed against the trustee of the Upper Peninsula Plumbers and Pipefitters Pension Fund in Lansing Michigan by the U.S. Department of Labor has won a small victory over mismanged retirement funds everywhere after thetrustee was ordered to repay $700,000asrestitution for imprudently investing pension assets in the Aspen Bay Pulp & Fibre LLC, a company formed to provide working capital for the proposed development of the Aspen Bay Pulp Mill project in Menominee, Mich.
Since 3 July 2000, all UK company pension fund trustees have been required to disclose their ethical policy. This does not, of course, mean that schemes are required to have an ethical policy, but simply that it is now easier for employees to evaluate their pension funds and influence their funds' ethics. Employees can band together to make themselves heard and influence how their money is invested.
Funds Market Money The Labor Department also may assess a civil money penalty against the trustee of the Fund under the Employee Retirement Income Security Act (ERISA).
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Funds In Investing Mutual U.S. Secretary of Labor Elaine L. Chao said,"Seeking this order is part of the Department's aggressive benefit protection campaign, which last year recovered over $3 billion in retirement, 401(k), health and other programs for workers and their families."
Those with more money to spend can invest in a standard personal pension, which offers greater choice of funds but usually costs more than a stakeholder plan. As for investors, Friends Provident' known ethical investment fund. The full range of Stewardship Life and Pension funds share Friends Provident's ethical policy, some UK and some global.
Fidelity Funds Mutual The lawsuit, filed in federal district court in Michigan, alleges that trustee Jerome Hedstrom violated the ERISA when he failed to investigate the merits of the Aspen Bay Pulp Mill investment before committing pension assets to the project. The pension plan covered more than 800 union members in Menominee, Marquette and Escanaba.
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