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Judge order fiduciaries to restore funds to Accucast Technology 401(k) and Health Plan in Chesterton, Ind.
Date of Action: Oct. 2, 2012
Type of Action: Consent order and judgment
Names of Defendant: Joseph A. Seher, Pat Mowery, Cheryl Sloan, Accucast Technology LLC 401(k) Plan and Accucast Technology LLC Health Plan
Allegations: Mowery and Sloan in their capacity as fiduciaries to the Accucast Technology LLC 401(k) Plan and Accucast Technology LLC Health Plan failed to ensure employee contributions were forwarded to the plan.
Resolution: Upon entry of the consent order, Mowery and Sloan shall pay $5,270.88 to the participants in Accucast Technology LLC 401(k) Plan, which includes unremitted employee contributions and $225.74 in lost opportunity cost.
These monies shall be paid to plan participants who were had voluntary employee contributions to the 401(k) Plan withheld from their pay during the period of Feb. 27, 2009, through Dec. 18, 2009, who have not received a distribution of their full vested account balance as of the date of the consent order.
Mowery and Sloan shall ensure that any individuals with remaining individual accounts with the 401(k) plan have their account balances distributed to them within 45 days of the judgment.
Court: Northern District of Indiana, Hammond Division, Hammond, Ind.
Docket Number: 3:12-cv-00415-JD-CAN
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.