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Release Date: 04/23/2001
Release
Number: 132
Contact Name: Gloria Della
Phone Number: 202.219.8921 |
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New York, New York - The U.S. Department of Labor sued
Conolly, Calhoun & Conolly, Inc. of Pennsauken, New Jersey and its chief
executive officer on April 16, 2001 for failure to forward $64, 216.55 in
employee contributions to the company’s 401(k) profit sharing plan. The
firm sponsored and served as plan administrator of the plan until May
1998. |
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According to the lawsuit, defendants Vincent
Acerbo and Conolly, Calhoun & Conolly violated the Employee Retirement
Income Security Act (ERISA) by failing to remit contributions deducted from
employee paychecks to the 401(k) plan. Employee contributions were retained in
the general account of Conolly, Calhoun & Conolly. |
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As relief, the lawsuit asks the court to require
that Acerbo and the firm restore to the plan all losses with interest or lost
opportunity costs and that the plan account of Acerbo be offset to repay the
plan. The lawsuit also seeks to permanently bar Acerbo from serving in a
position of trust to any plan governed by ERISA. |
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The lawsuit was filed in federal district court in
Newark, New Jersey. The court action resulted from an investigation conducted by the
Philadelphia Regional Office of the Department’s Pension and Welfare
Benefits Administration into alleged violations of ERISA. |
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“This action reaffirms our commitment to
protect the hard-earned benefits promised by employers,” said Mabel
Capolongo, Director of PWBA’s Philadelphia Regional Office.
“Employers and workers can reach us at 215.861.5300 for help with any
problems relating to private-sector pension and health plans.” |
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(Chao v. Acerbo
Civil Action No.
01-CV-1861) |
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U.S. Department of
Labor news releases are accessible on the Internet. The information in this
news release will be made available in alternate format upon request (large
print, Braille, audio tape or disc) from the Central Office for Assistive
Services and Technology. Please specify which news release when placing your
request. Call 202.693.7773 or TTY 202.693.7775. |
