Search
 

Cali truckers get back $2 million in pension benefits

Investigators from the DOLs San Francisco office found that Lange Trucking Inc., based in Oakland, failed to fully fund the 401(k) accounts of 515 drivers.

By Dan Berman | Updated on January 16, 2014

Employees of a California trucking company that had contracts with the U.S. Postal Service have had almost $2 million in pension benefits restored as the result of a Department of Labor probe. The company and its executives have been barred from government contracts.

Investigators from the department’s San Francisco office found that Lange Trucking Inc., based in Oakland, failed to fully fund the 401(k) accounts of 515 drivers. Lange agreed to pay $500,000 of the unpaid benefits. Hoovestol Inc., an Eagan, Minn., firm that acquired Lange, voluntarily agreed to make up the remaining $1.48 million in retirement benefits owed the employees.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

NOT FOR REPRINT

© 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.

Dig Deeper

Recommended Stories

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2024 ALM Global, LLC. All Rights Reserved.