The U.S. Department of Labor reached an agreement with the former president and CEO of Aliso Viejo-based Journey Electrical Technologies Inc., a defunct electrical contractor, to restore $570,983 to the company's 401(k) plan.
According to a partial consent judgment and order, Mark Dell Donne of San Clemente, Calif., has agreed to restore $472,235 to the plan. He previously restored $98,748 to the plan's accounts.
"We are pleased to be able to secure these retirement funds for the company's former employees," said Phyllis C. Borzi, assistant secretary of labor for employee benefits security. "Employees working on government construction or service contracts are often unaware of the benefits they are entitled to under prevailing wage laws, including fringe benefit payments to their employee benefit plans. Plan fiduciaries have a legal responsibility to ensure that this money is properly deposited in employee accounts."
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