A Pittsburgh company must restore $67,138 in plan assets and interest to its employee retirement plan, according to the U.S. District Court for the Western District of Pennsylvania. The action resolves a lawsuit filed by the U.S. Department of Labor against Liberty-Pittsburgh Systems Inc. and its chief executive officer Kevin Weir.
The DOL's Employee Benefits Security Administration found during an investigation that the company violated the Employee Retirement Income Security Act by failing to "remit employee contributions and participant loan repayments to the plan, and also remitted certain contributions and loan repayments to the plan late without interest," according to the suit. The alleged violations occurred from January 2007 through December 2009.
"Plan fiduciaries have a legal obligation to act in the best interest of plan participants and will be held accountable when they fall short," said Mabel Capolongo, director of EBSA's Philadelphia Regional Office, which conducted the investigation. "Because of this legal action, contributions made by Liberty-Pittsburgh Systems' employees are being protected."
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
