Bradford Campbell Quoted by Reuters

Washington, D.C., counsel Bradford Campbell was quoted by Reuters on the issue of a $1.27 million fine imposed by the Department of Labor on USI Advisors, a Glastonbury, Connecticut-based fiduciary investment adviser.

USI was fined for failing to disclose fees it received related to 13 pension plans it oversaw from 2004 to 2010. As a fiduciary, USI is required under Labor Department rules to disclose to clients all fees it receives.

Brad, counsel in the Employee Benefits & Executive Compensation Practice Group, said the size of the penalty is significant, given that most fines over retirement plans range in the thousands of dollars.

"This is a cautionary tale," Brad said. "If you decide to be a fiduciary adviser to a plan, you need to fully understand the obligations associated with receiving compensation."

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