Richard Sippola, the fiduciary of the Cleveland-based Carnegie Body Company 401(k) Retirement Plan, has agreed to restore losses to the participants in the amount of $9,396.03, the full amount of unremitted contributions and loan repayments for the March 13, 2009 to January 10, 2010, in quarterly installments beginning on April 1, 2014.
The DOL had filed a lawsuit, Perez v. Sippola, et al., with the U.S. District Court for the Northern District of Ohio, Eastern Division. The suit named Sippola as a defendant, both individually and as fiduciary of the 401(k) plan. Recently, the court issued a consent order and judgment, detailing Sippola’s repayment efforts.
The suit alleged that Sippola failed to ensure that employee pre-tax contributions and loan repayments for the period of March 13, 2009 to January 10, 2010, were remitted to the Carnegie Body Company 401(k) Retirement Plan.
The full text of consent order and judgment can be downloaded here.