Department of labor pursued $240,000 in penalties for self dealing.

Between the plan trustee and the plan.


Smith Schafer Approach

We defended client during this audit, which included identification of regulations which could be interpreted to allow for plan trustees actions, identification of title drafting errors for plan asset and negotiated with the Department of Labor for the replacement of the company owner as a trustee with a bank as corporate trustee. This process allowed the auditors for the Department of Labor to feel like they had accomplished something to protect the plan participants.


Company hired a bank as corporate trustee and no penalties were paid to the Department of Labor. We have defended eleven different plans before the Department of Labor and none have been assessed penalties.


Smith Schafer Service


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