DOL investigates 401(k) theft

Article Abstract:

The US Dept. of Labor (DOL) has reported that there are 426 civil and criminal cases concerning employers who took money from 401(k) plans in 1995. Companies are given up to 90 days to put employees' contributions into the plans. However, some companies use them for their own purposes. The DOL is concerned that this practice might get rampant with the growth in 401(l) funds. Employees should be vigilant and should recognize symptoms such as late account statements, unmatched paycheck stubs and account balances and financial difficulties experienced by employers.

Cases, Investigations, Salary reduction savings plans, 401K plans

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Tort reform

Article Abstract:

Institutional investors have expressed their approval of the securities litigation reform which they believe will limit the number of trivial cases of investment fraud. The law protects investment companies from litigation if they have made statements of good faith and from the predatory activities of plaintiff attorneys seeking litigation suits. However, plaintiff attorneys have complained that the law will strip investors of their right to pursue cases of fraud and may lead to a decline in investors' confidence.

Laws, regulations and rules, Securities industry, Investment advisers, Malpractice, Securities fraud

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IRS, DOL, encourage electronic filing

Article Abstract:

The IRS and the DOL continue to encourage firms with 10 or more workers to file Forms 5500 and business tax returns electronically despite company fears regarding security issues and a need for signed audited statements by an accountant. The IRS currently has insufficient data to gauge electronic-filing costs, benefits, and incentives, versus paper-filing for various returns. The IRS feels electronic filings would speed up reviews, reduce errors and effect significant cost reductions.

Public Finance Activities, Tax Administration, Technology application, Tax policy, United States. Internal Revenue Service, Tax returns

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