EBSA News Brief
Office of Public Affairs Chicago IL
For Immediate Release: March 18, 2014
Contact: Scott Allen or Rhonda Burke
Phone: (312) 353-6976 or (312) 353-4807
Email: firstname.lastname@example.org or email@example.com
Release Number: EBSA 14-10-CHI
Fiduciary to repay more than $9,000 in unremitted contributions to
Carnegie Body Company 401(k) Retirement Plan in Cleveland, Ohio
Date of Action: March 17, 2014
Type of Action: Consent Order and Judgment
Name of Defendant: Richard Sippola, individually, and as fiduciary of the Carnegie Body Company 401(k) Retirement Plan
Allegations: Richard Sippola, individually and as fiduciary of the Carnegie Body Company 401(k) Retirement Plan failed to ensure that employee pre-tax contributions and loan repayments for the period March 13, 2009, through Jan. 10, 2010, were remitted to the Carnegie Body Company 401(k) Retirement Plan. The company is located in Cleveland.
Resolution: Richard Sippola agreed to restore losses to the participants in the amount of $9,396.03, the full amount of unremitted contributions and/or loan repayments for the period beginning March 13, 2009, until Jan. 10, 2010, in quarterly installments beginning on April 1, 2014.
Court: United States District Court for the Northern District of Ohio, Eastern Division.
Docket Number: 1:13-CV-01416
Employers and workers can reach EBSA toll-free at 866-444-3272 for help with problems related to private sector retirement and health plans. Additional information can be found at www.dol.gov/ebsa.
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.