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Solis v. Joos Electrical Company involving Joos Electrical Co. 401(k) Profit Sharing Plan and Trust of Eagan, Minn.
Date of Action: June 9, 2011
Type of Action: Consent order and judgment
Name(s) of Defendant: Susan Joos and the Joos Electric Co. 401(k) Profit Sharing Plan and Trust
Allegations: Joos, in her capacity as plan trustee, failed to ensure that $15,850.20 in employee contributions and participant loan repayments were forwarded to the Joos Electric Co. 401(k) Profit Sharing Plan and Trust during the period Jan. 9, 2009 through May 28, 2010, and failed to timely forward employee contributions and participant loan repayments during several periods from Jan. 5, 2007, through April 23, 2010.
Joos is liable to the Plan in the total amount of $16,738.81, which includes unremitted employee contributions, loan repayments, and lost opportunity costs owed to the Plan, less $1,859.41, which she failed to remit to the Plan on her own behalf.
The Plan had 29 participants and assets totaling $347,427.06 as of Dec. 31, 2009. The Plan was established by Joos Electric in 1994.
Resolution: Joos was required to begin making payments to the Plan effective May 1, 2011, and is required to make monthly payments to the Plan through January 1, 2018. She will be required to issue payments from the Plan’s trust account to the affected participants on Dec. 2, 2013, Dec. 2, 2015, and Jan. 2, 2018.
Upon completion of the payment plan and distribution of the Plan’s assets, Joos shall be permanently enjoined from serving or acting as a fiduciary or service provider to any employee benefit plan subject to the Employee Retirement Income Security Act of 1974.
Court: United States District Court for the District of Minnesota, St. Paul, Minn.
Docket Number: 10-cv-4327.
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.
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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.