EBSA News Brief
U.S. Department of Labor
For Immediate Release: July 31, 2012
Solis v. Gary Merritt, Bemcore, Inc. and Bemcore, Inc. Incentive Plan in Dayton, Ohio
Date of Action:July 27, 2012
Type of Action:Complaint
Names of Defendants:Gary Merritt, as fiduciary to the Bemcore, Inc. Incentive Plan, Bemcore, Inc. and Bemcore, Inc. Incentive Plan in Dayton, Ohio
Allegations:Gary Merritt and Bemcore, Inc. have not taken fiduciary responsibility for the operation and administration of the Bemcore, Inc. Incentive Plan and its assets since December 2010 when Gary Merritt was barred from acting as a fiduciary to an employee benefit plan. Merritt was barred after being convicted of embezzlement and theft from an employee benefit plan and was ordered to pay restitution to the fund. No successor person or entity has been named to administer the Plan since December 2010.
Resolution:The complaint seeks to have Merritt and Bemcore formally removed as fiduciaries and have an independent fiduciary appointed to oversee the administration of the plan. As of July 6, 2012 the plan had nine participants and assets of $152,246.14. The last form 5500 report of Employee Benefit Plan was filed for the plan year ending in 2009.
Court:Southern District of Ohio, Dayton, Ohio
EBSA protects the security of the retirement, health and other workplace-related benefits of America's workers, retirees and their families. 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 http://www.dol.gov/ebsa.