EBSA News Brief
Chicago IL Office of Public Affairs
For Immediate Release: June 4, 2013
Contact: Scott Allen or Rhonda Burke
Phone: 312-353-6976 or 312-353-4807
Email: email@example.com or firstname.lastname@example.org
Release Number: EBSA-CHI-13-21
Judge finds fiduciary liable for more than $35,000 to
Dayton Imaging Solutions Inc. SIMPLE IRA Plan
Date of Action: May 29, 2013
Type of Action: Consent Order and Judgment
Names of Defendants: Dayton Imaging Solutions Inc., Bryan Belden, and the Dayton Imaging Solutions Inc. SIMPLE IRA Plan located in Dayton, Ohio.
Allegations: Dayton Imaging Solutions Inc. and Bryan Belden, in their capacities as fiduciaries to the Dayton Imaging Solutions Inc. SIMPLE IRA Plan, failed to ensure that $21,156.10 in employee pre-tax contributions for the period July 6, 2005, through Oct. 20, 2010, were remitted to the plan. The fiduciaries also failed to ensure that $11,555.77 in employee pre-tax contributions were timely remitted to the plan for the period July 6, 2005, through Oct. 20, 2010.
Resolution: The Department of Labor filed a civil complaint on Aug. 3, 2012, and a Consent Order and Judgment on May 29, 2013, in which the parties agreed that Dayton Imaging Solutions Inc. and Belden are liable to the plan for $35,884.36. The company and Belden were ordered to pay $10,389.33 to the plan, representing $3,812.52 in unremitted employee contributions and $6,576.81 in lost opportunity costs, within 30 days of the entry of the Consent Order and Judgment.
Belden restored $7,499.78 in unremitted employee contributions prior to the entry of the Consent Order and Judgment. Belden has also waived the restoration of the $17,995.25 owed to his account for unremitted employee contributions and lost opportunity costs. Belden has agreed to terminate the plan and distribute its assets to participants. The company and Belden will be permanently enjoined from serving as fiduciaries or service providers to any employee benefit plan subject to the Employee Retirement Income Security Act, upon the completion of the Plan’s termination process.
Court: United States District Court for the Southern District of Ohio, Western Division.
Docket Number: 3-12-cv-266
Employers and workers can reach Employee Benefits Security Administration 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.