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US Department of Labor obtains consent judgment requiring former president of defunct Dover, Del., printing company to restore assets to 401(k) plan
DOVER, Del. – The U.S. Department of Labor has obtained a consent judgment from the U.S. District Court for the District of Delaware ordering David Owen, the former president of defunct Owen Printing Dover Inc., to pay $4,640 in restitution and interest to the company’s 401(k) plan.
The judgment resolves a Labor Department lawsuit alleging that Owen failed to remit employee contributions to the plan, remitted certain employee contributions late without interest and failed to segregate the plan’s assets from the general assets of the company. These alleged violations of the Employee Retirement Income Security Act occurred from May 2003 through April 2006.
“We are pleased that the hard-earned retirement savings of these workers will not be jeopardized,” said Mabel Capolongo, director of the Philadelphia Regional Office of the Labor Department’s Employee Benefits Security Administration. “The Labor Department remains committed to protecting the retirement benefits of America’s workers to ensure they keep what they earn.”
The department’s legal action resulted from an investigation by EBSA’s Philadelphia Regional Office. The case was litigated by the department’s regional solicitor in Philadelphia. Employers and workers can contact EBSA’s Philadelphia office at 215-861-5300 or toll-free at 866-444-3272 for help with problems relating to private sector pension and health plans. Additional information can be found at http://www.dol.gov/ebsa.
Solis v. Owen
Civil Action Number: 10-926
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