Mid Atlantic Trust Company Takes Leading Role in Supporting Department of Labor Efforts to Protect Retirement Plan Participant Accounts
Today, the United States Department of Labor brought an action in Federal court in the Western District of Pennsylvania against retirement plan recordkeeper RiversEdge Advanced Retirement Solutions, LLC and its President & CEO, Paul Palguta, to protect the retirement benefits of RiversEdge plan customers.
- Today, the United States Department of Labor brought an action in Federal court in the Western District of Pennsylvania against retirement plan recordkeeper RiversEdge Advanced Retirement Solutions, LLC and its President & CEO, Paul Palguta, to protect the retirement benefits of RiversEdge plan customers.
- Mid Atlantic Trust Company has served as the non-discretionary custodian of these RiversEdge plan clients and continues to provide forensic and informational support to the DOL as the DOL pursues these claims against RiversEdge.
- The DOL action lists Mid Atlantic and Schwab as Rule 19 defendants.
- We are thankful DOL stepped in to address our concerns about actions by RiversEdge and will continue to work with regulatory bodies and appointed agents to help protect affected plans.”
Mid Atlantic Trust Company (MATC), doing business as American Trust Custody, and its affiliated companies serve more than 125,000 retirement plans and trust accounts.