Department of Labor EBSA Enforcement Results and Priorities

Many fiduciaries find audits by the Department of Labor (DOL) mysterious, so it helps when the DOL provides any type of guidance.  The DOL’s Employee Benefits Security Administration (EBSA) recently released 2018 statistics for its enforcement of the Employee Retirement Income Security Act of 1974 (ERISA).  When combined with EBSA’s recent commentary on its enforcement initiatives, fiduciaries can be better prepared to address compliance issues before a DOL audit.  The following is an analysis of the recently released 2018 statistics, as well as a look at the “national enforcement projects” for EBSA investigators.  EBSA continues to target its published enforcement priorities, is focusing on major cases, and is recovering higher overall amounts in its investigations.  The Voluntary Fiduciary Correction Program also continues to grow.   2018 Statistics compared to 2017 One specific trend to note is the increase of monetary recovery by EBSA.  In Fiscal Year 2018, EBSA closed 1,329…

Euclid Insurance Services, Inc. Forms New Design Professional Underwriting Operation

Euclid Insurance Services, Inc. (“Euclid”), today announced that it has formed Euclid Design Underwriters, LLC (“Euclid Design”), a professional liability program administrator focused on Architects and Engineers. Chris Ventrone will lead the new operation and will work with Dave Lo Verso, both of whom are equity partners in the new firm. Holly Boyce will remain in an underwriting and support role. Euclid Design will partner with Nationwide®. The Euclid Design team members are highly regarded as leaders in the design professional space. John N. Colis, President and CEO of Euclid commented, “Chris and Dave bring a wealth of talent to this new venture. Their underwriting skills are well tested and they have extensive distribution relationships in the field. We look forward to them building on the long-term presence Euclid has had in this space”. Chris Ventrone, Managing Principal of Euclid Design noted, "We are very excited to work for an…