Compliance February 10, 2011
DoL Obtains Restitution for Arkion Life Sciences 401(k) Plan
The U.S. Department of Labor obtained a consent judgment
ordering Arkion Life Sciences to restore
$193,795 in restitution and interest to the company's 401(k) plan.
Reported by
PLANADVISER staff
The judgment resolves a Labor Department lawsuit alleging that the defendants failed to remit employee contributions to the plan, untimely remitted to the plan certain employee contributions without interest, and co-mingled plan assets with the general assets of the company. These alleged violations of the Employee Retirement Income Security Act occurred between December 2003 and April 2008.
Under the judgment, entered in the U.S. District Court for the District of Delaware, the defendants will make restitution to the plan and pay a 20% penalty on the recovered funds. The company will retain an independent trustee if it continues to sponsor the plan.You Might Also Like:
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