News Column

US Labor Department Sues to Restore Employee Contributions to 401(k) Plan of Yardley, Pa., Law Firm

July 16, 2014



WASHINGTON, July 16 -- The U.S. Department of Labor'sEmployee Benefits Security Administration issued the following news release:

Name(s) of Defendant(s): Richard J. Kwasny; Kwasny & Reilly, P.C.; Kwasny & Reilly 401(k) profit sharing plan

Allegations: Based on an investigation conducted by the U.S. Department of Labor'sEmployee Benefits Security Administration, the Secretary of Labor filed a complaint alleging the following:

From 2007 through 2009, Kwasny and the firm, as fiduciaries to the plan, failed to ensure discretionary employee contributions to the plan were remitted and remitted on a timely basis. Instead, the complaint alleges that these employee monies were commingled with the general assets of the firm and used to pay the firm's expenses.

Relief: The complaint is seeking an order directing the defendants to restore all losses plus interest to the plan and permanently enjoining the firm and Kwasny from serving as fiduciaries or service providers to any plan covered by the Employee Retirement Income Security Act of 1974. The complaint also seeks the appointment of an independent fiduciary with the plenary authority to administer the plan and distribute its assets to participants.

Court: United States District Court for the Eastern District of Pennsylvania

Docket Number: 2:14-cv-04286-ER

U.S. Department of Labor materials are accessible at www.dol.gov. The information above is available in large print, Braille, audio tape or disc from the COAST office upon request by calling (202) 693-7828 or TTY (202) 693-7755.

TNS 30FurigayJof-140718-4801915 30FurigayJof


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Source: Targeted News Service


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