News Column

US Labor Department Sues to Restore More than $28,000 in Employee Contributions to 401(k) Plan of Berlin, NJ, Catering Company

July 21, 2014



WASHINGTON, July 21 -- The U.S. Department of Labor'sEmployee Benefits Security Administration issued the following news release:

Date of Action: July 17, 2014

Name(s) of Defendant(s): Richard J. Campbell; Venice Catering of Berlin Inc., and Venice Catering of Berlin Inc. 401(k) 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:

On April 1, 2014, the Labor Department filed a complaint alleging that the defendants breached their statutory duties to the plan participants and caused the plan to enter into transactions expressly prohibited under the Employee Retirement Income Security Act of 1974. Specifically, from 2007 through 2010, Campbell and the company failed to ensure elective employee contributions to the plan were remitted on a timely basis. The amount of discretionary monies due to the plan participants and lost interest due to the plan was determined to be $28,358.07.

Resolution: The court approved a consent order and judgment ordering the defendants to restore all losses plus interest to the plan over three installment payments. It also permanently enjoins the company and Campbell from violating the ERISA and from acting as fiduciaries or service providers to any employee benefit plans in the future. Further, the consent order and judgment requires that Campbell terminate the plan and distribute its assets to the plan's participants within 30 days of the final installment payment.

Court: United States District Court for the District of New Jersey

Docket Number: 1:14-cv-02051

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 30VianaGem - 140724-4807134 30VianaGem


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Targeted News Service


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters