PWBA Field
Office Press Release
| CONTACT: | Joseph Menez ,(606) 578-4680; Rita Ford, (202) 219-8921 |
FOR RELEASE: |
| March 5, 1997 |
The trustees of both the profit sharing and the defined benefit pension plan for Equity Planning Corporation in Beachwood, Ohio, were ordered to restore to both plans a total of $65,754 in a consent order and judgment obtained today by the U.S. Department of Labor.
Named as defendants in the consent order and judgment along with trustees Richard Reinberg and Ned Weingart were the plan sponsor and administrator Equity Planning Corporation and Equity Planning Holding Company, a wholly-owned subsidiary of Equity Planning Corporation.
In a four-count complaint filed simultaneously with the consent order and judgment, the defendants allegedly :
In addition to the ordered restitution, the defendants must make to both plans, they are permanently barred from serving as trustees or service providers for ERISA-covered plans.
The case resulted from an investigation by the Cincinnati Regional Office of the Pension and Welfare Benefits Administration into violation of ERISA.
The consent order and judgment was filed in the federal district court in Cleveland, Ohio.
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Metzler v. Equity Planning Corporation et al
Civil Action No. 1:97CV00563