Compliance October 2, 2008

Ohio Business Owner Enters Plea on 401(k) Annual Reports Charge

The owner of a Columbus, Ohio, company has pleaded guilty to not filing financial reports for the company's 401(k) plan as required by the Employee Retirement Income Security Act (ERISA).
Reported by

A news release from the U.S. Labor Department’s Employee Benefits Security Administration (EBSA) said Jeffrey Miller of Ostrander, Ohio, pleaded guilty to one felony count that charged him with the annual reports violation in connection with the Laser Saver 401(k) employee pension benefit plan.

Miller faces possible imprisonment for up to 10 years and up to $250,000 in fines. As part of his plea agreement, he agreed to return to the retirement plan by the time of his sentencing all contributions that he withheld from Laser Saver employees’ paychecks since August 2003 but failed to deposit into the plan.

According to the government, Miller was the sole owner of the company and trustee of the plan from January 1, 2003, through December 31, 2005.

«