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Compliance January 9, 2012
Penn. Company to Restore $34K to 401(k) Plan
Monocacyfabs
Inc., of Bethlehem, Pennsylvania, has been ordered to restore $34,000 to its
401(k) plan.
Reported by Rebecca Moore
A lawsuit brought against the company and plan trustees, Michael Poole and Jean Shipley, resulted from an investigation by the Department of Labor’s Employee Benefits Security Administration (EBSA), which found that from January 2007 to June 2010, the defendants failed to remit employee contributions and also remitted certain contributions to the plan late and without interest, according to the Lehigh Valley Express-Times.
“The defendants failed to meet their fiduciary obligations as plan trustees by not acting in the best interest of plan participants,” Norman Jackson, acting director of EBSA’s Philadelphia Regional Office – which conducted the investigation – said in a news release.
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