Full story: We are sharing this information because we believe it is important to communicate openly and transparently with our participants. We want to provide you with facts related to news reports you may have seen related to AFTRA Retirement.
AFTRA Retirement has rigorous internal controls and strong fraud prevention procedures in place. We regularly conduct internal reviews of operations to protect our participants.
During one of these periodic internal reviews of operations, AFTRA Retirement found evidence that there may have been unauthorized expenditures in connection with a vendor relationship. AFTRA Retirement immediately undertook a careful review of the evidence and promptly notified federal law enforcement authorities. AFTRA Retirement has actively cooperated in this investigation and we have been informed that former AFTRA Retirement employee Rick Rubano and an outside vendor have been arrested in connection with the government’s investigation.
AFTRA Retirement also promptly notified its insurance carrier of this situation and is pursuing recovery of any losses ultimately determined to have been incurred. AFTRA Retirement wishes to assure its participants and other concerned parties that the losses will not have a material financial impact on AFTRA Retirement and participants’ benefits are not at risk. Our participants place their trust in us and we take this trust very seriously. We will continue to take the appropriate steps to protect our participants and their benefits.