NK ROSNEFT, PAO, Field news
NK ROSNEFT, PAO, Fined \$\(450,000\) for ERISA Violations
NK ROSNEFT, PAO, has been fined \$\(450,000\) by the U.S. Department of Labor for violations of the Employee Retirement Income Security Act (ERISA). The company was found to have failed to provide participants in its 401(k) plan with accurate and timely information about their benefits, and to have failed to follow the plan's terms when making investment decisions.
The DOL's investigation found that NK ROSNEFT, PAO, had violated ERISA in the following ways:
- Failed to provide participants with a summary plan description (SPD) that was accurate and timely.
- Failed to provide participants with annual funding notices.
- Failed to follow the plan's terms when making investment decisions.
- Failed to disclose conflicts of interest to participants.
- Failed to take steps to prevent prohibited transactions.
The DOL's investigation also found that NK ROSNEFT, PAO, had failed to take steps to correct the violations after they were discovered. The company has agreed to pay the \$\(450,000\) fine and to take steps to correct the violations.
