EBSA News Brief
U.S. Department of Labor
For Immediate Release: January 22, 2013
Solis v. Tripp Mechanical Services involving failure to remit employee contributions to the company's retirement plan in Falkland, NC
Date of Action: Jan. 17, 2013
Type of Action: Complaint
Name(s) of Defendant(s): Tripp Mechanical Services, Jarvis Edward Tripp, Jr., and Gina Tripp
Allegations: In January 2008, Tripp Mechanical Services, based in Falkland, N.C., established a savings incentive match plan for employees individual retirement account plan. During the course of an investigation by the U.S. Department of Labor's Employee Benefits Security Administration, the agency found that during various times from January 2009 to September 2010, Tripp Mechanical Services, Jarvis Edward Tripp, Jr., and Gina Tripp failed in their fiduciary responsibility to forward $9,469 in employee contributions to the plan in a timely manner and also allowed the funds to be commingled with general company assets.
Resolution: The department is asking the court to order the defendants to restore all losses, including interest or lost opportunity costs to the SIMPLE IRA plan, which occurred as a result of the defendants breach of their fiduciary obligations; and to permanently enjoin the defendants' from serving as fiduciary, administrator, officer, trustee, custodian, agent, employee, representative, or having control over the assets of any employee benefit plan subject to the Employee Retirement Income Security Act.
Court: United States District Court, for the Eastern District of North Carolina
Docket Number: 4:13-cv-00011-F
U.S. Department of Labor materials are accessible at www.dol.gov. The information above is available in large print, Braille, audio tape or disc from the COAST office upon request by calling 202-693-7828 or TTY 202-693-7755.