Date of Action: August 15, 2012
Type of Action: Consent order and judgment
Names of Defendants: Jack A. Helmick, individually and as a fiduciary to the Dynamis Group 401(k) Profit Sharing Plan & Trust
Allegations: Helmick, in his capacity as a fiduciary to the plan, failed to ensure that certain participant contributions and participant loan payments for the period of Oct. 1, 2006, through Feb. 23, 2009, were forwarded to the plan as soon as they could reasonably do so and did not remit all of them to the plan. Qualified participants were not able to obtain distributions of their individual account balances after the company ceased operations in 2009.
Resolution: The court ordered Helmick to restore $208.44 in participant contributions and participant loan payments to those plan participants who were employees of the company and had contributions withheld. Helmick must also pay $69.23 in lost opportunity cost to the collective participants on a pro rata basis.
The court also ordered that upon termination of the plan, Helmick is permanently enjoined from serving or acting as a fiduciary or service provider with respect to any employee benefit plan subject to the Employment Retirement Income Security Act.
Court: Eastern District of Kentucky, Lexington Division, Lexington, Kentucky
Docket Number: 3:12-cv-00055-DCR
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