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Release Date: 10/21/2003
Release Number: 03-589-PHL
III-03-10-21-164-MD
Contact Name: Gloria Della
Phone Number: 202.693.8666
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Silver Spring, Maryland - The U.S. Department of
Labor has sued the president of Buckley Marketing, Inc., of Columbia,
Maryland, to restore losses suffered by the company’s employee savings
plan and obtain a court-appointed independent fiduciary to manage the
plan. The lawsuit alleges Timothy M. Buckley, of Silver Spring, Maryland,
failed to forward employee contributions to the plan. |
Buckley
allegedly violated the Employee Retirement Income Security Act (ERISA) by
failing to forward to the plan’s custodian contributions withheld from
employee wages over the period March 2000 through September 30, 2000. The
suit also alleges that he retained the plan assets with the general assets
of Buckley Marketing. Buckley Marketing was a research marketing
production firm. Employers with similar problems, who are not yet
the subject of an investigation by EBSA, may be eligible to participate in
the Department's Voluntary Fiduciary Correction Program (VFCP).
Participation in the VFCP requires employers to make workers whole but
allows them to avoid EBSA enforcement actions and civil penalties as well
as any applicable excise taxes. |
"The
VFCP gives plan sponsors a way to come into compliance with ERISA by
restoring workers' benefits while avoiding an investigation by EBSA,”
said Mabel Capolongo, director of the Philadelphia regional office of the
Employee Benefits Security Administration. “It protects workers' health
and retirement benefits and allows us to focus our resources on those who
seek to avoid compliance." For more information about the VFCP see
www.dol.gov/ebsa. |
This
case was filed in federal district court in Greenbelt, Maryland. Employers
and workers can reach EBSA at 301.713.2000 or EBSA’s toll free number,
1.866.444.EBSA (3272), for help with any problems relating to
private-sector pension and health plans. |
(Chao
v. Buckley)
Civil Action No. PJM 03-2745 |
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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 202.693.7755. |
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