Sponsored defined benefit pension plan administered

Assignment Help Financial Management

Reference no: EM132001672

United Artist Inc. a Maryland corporation, sponsored a defined benefit pension plan administered by United Pension Plan. United Pension was controlled by a board of trustees. For a period of 9 years, seven members of the board made loans to themselves from the pension assets. The loans were made without reference to the ability of the borrower’s to repay, the period in which repayment would be made, or the provision of collateral for the loans. The trustees were charged less than the market rate of interest. None of the loans were repaid in full and the plan suffered substantial losses. Did the board of trustees violate ERISA and what, if any, is their liability? Explain.

Reference no: EM132001672

Questions Cloud

Define elements of the marketing strategy to gain : Minnetonka, Inc., is a relatively small firm that pioneered the development of consumer health and beauty products, such as Softsoap and Check-Up plaque.

Black-scholes-merton premiums of at-the money call : Calculate the Black-Scholes-Merton premiums of at-the money call and put on a non dividend paying stock. St = 40 and s = 50%.

How much will juliana have saved for house : How long will it take Ming to pay off his credit card? How much will Juliana have saved for her house during that same 5-year period?

How much money must you deposit today to fund : How much money must you deposit today to fund this gift to your heirs, assuming you would earn 2.50 percent on your investment?

Sponsored defined benefit pension plan administered : United Artist Inc. a Maryland corporation, sponsored a defined benefit pension plan administered by United Pension Plan.

What is the minimum number of years a person must deposit : What is the minimum number of years a person must deposit $3,000 per year (at the end of each year) in order to have accumulated at least $55,000.

Plus interest on the outstanding principal : The note is repaid at $2 million per year (plus interest on the outstanding principal) for the five year project life.

Explain to the management competitive position categories : A Mobile Telecommunications Company in Ghana has decided to create a competitive position in order to develop marketing strategies to compete in the domestic.

Discharges eales as cost-saving measure : Six years later, the Medical Surgical Group suffered financial losses and discharges Eales as a cost-saving measure.

User Account

All Pages