EBSA News Brief
Office of Public Affairs Chicago IL
For Immediate Release: January 14, 2014
Contact: Scott Allen or Rhonda Burke
Phone: (312) 353-6976
Email: email@example.com or firstname.lastname@example.org
Release Number: EBSA-CHI-14-01
Trustees of Hico Flex Brass Co. restore more than $79,000 to Machesney Park, Ill., employee retirement plan
Date of Action: Jan. 8, 2014
Type of Action: Consent Order and Judgment
Name of Defendant: Hico Flex Brass Co., Inc., Mark Isaacs, and Neil Isaacs
Allegations: The U.S. Department of Labor filed a lawsuit on Feb. 28, 2013, in the U.S. District Court for the Northern District of Illinois to $79,104.11 to the Hico Flex Brass Co., Inc. 401(k) Plan. The department's suit alleged that the company, Hico Flex Brass Co. Inc., as well as former vice presidents and Plan trustees Mark Isaacs and Neil Isaacs, violated the Employee Retirement Income Security Act by withdrawing $702,153.99 in Plan assets and thereafter failing to distribute the full amount of Plan assets to participants.
Resolution: Judge Virginia M. Kendall of the U.S. District Court for the Northern District of Illinois entered a Consent Order and Judgment, Jan. 8, resolving the Department's suit with respect to Mark Isaacs and Neil Isaacs. Pursuant to the Consent Order and Judgment, Mark Isaacs and Neil Isaacs agreed to restore $79,104.11 in undistributed Plan assets to the Plan and are permanently enjoined from serving as fiduciaries or service providers to any employee benefit plan subject to the Employee Retirement Income Security Act.
A previous Consent Order entered by the Court on June 4, 2013, resolved the Department's suit with respect to the company, Hico Flex Brass Co., Inc. The previous Consent Order held Hico Flex Brass Co., Inc. liable for failing to distribute plan assets to participants and enjoined Hico Flex Brass Co., Inc. from serving as a fiduciary or service provider to any employee benefit plan subject to the Employee Retirement Income Security Act.
Court: United States District Court, Northern District of Illinois, Eastern Division
Docket Number: 1:13-cv-01533
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 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.