For Immediate Release: September 28, 2011
Contact: Leni Fortson or Joanna Hawkins
Release Number: 11-1383-PHI
Pittsburgh company will restore more than $67,000 to employee retirement plan, resolving Labor Department lawsuit
PITTSBURGH – The U.S. District Court for the Western District of Pennsylvania has approved a consent judgment and order to restore $67,138 in plan assets and interest to the employee 401(k) plan of Liberty-Pittsburgh Systems Inc. The action resolves a lawsuit filed by the U.S. Department of Labor against the company and its chief executive officer, Kevin T. Weir.
The suit resulted from an investigation by the Labor Department's Employee Benefits Security Administration, which found that the defendants failed to remit employee contributions and participant loan repayments to the plan, and also remitted certain contributions and loan repayments to the plan late without interest. These alleged violations of the Employee Retirement Income Security Act occurred from January 2007 through December 2009.
"Plan fiduciaries have a legal obligation to act in the best interest of plan participants and will be held accountable when they fall short," said Mabel Capolongo, director of EBSA's Philadelphia Regional Office, which conducted the investigation. "Because of this legal action, contributions made by Liberty-Pittsburgh Systems' employees are being protected."
The case was litigated by the department's Regional Office of the Solicitor in Philadelphia. Employers and workers can contact EBSA's Washington District Office at 202-693-8700 or 866-444-3272 for help with problems relating to private sector pension and health plans.
EBSA protects the retirement, health and other workplace-related benefits of America's workers, retirees and their families. Additional information can be found at http://www.dol.gov/ebsa.
Solis v. Weir
Civil Action Number: 2:11-cv-00138-NBF
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U.S. Department of Labor news 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.