The U.S. Department of Labor has sued Sun Control Systems Inc., the estate of former company President John Buckingham Sr., and current President Thomas Buckingham, to restore assets to the company's three employee benefit plans.
The suit was filed after an Employee Benefits Security Administration investigation that revealed alleged violations of the Employee Retirement Income Security Act.
The suit alleges that from December 2007 through August 2010, the defendants permitted a series of transfers from the accounts of two profit-sharing plans and one 401(k) plan to satisfy corporate debt. Additionally, it is alleged that between January 2006 and November 2010, the defendants failed to remit employee contributions to the 401(k) plan and remitted certain contributions late, resulting in lost interest.
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