Date of Action: Oct. 11, 2012
Name(s) of Defendant(s): Shawn Hedgspeth, Smart Technology Inc. and the Smart Technology 401(k) plan
Allegations: In 2005, Smart Technology Inc., an Annandale, Va.,-based company, established a 401(k) plan for its employees. An investigation conducted by the U.S. Department of Labor’s Employee Benefits Security Administration found that the company failed to remit employee contributions to the plan from 2007 through 2009.
Resolution: A default judgment has been issued by a federal court against Smart Technology Inc. and Shawn Hedgspeth, requiring $28,712.13 to be restored to the software engineering company’s 401(k) plan. Both defendants are permanently barred from serving as fiduciaries to any plan governed by the Employee Retirement Income Security Act. The defendants were also ordered to take the appropriate action to terminate the 401(k) plan and distribute any remaining plan assets in accordance with the plan documents.
Court: United States District Court for the Eastern District of Virginia
Docket Number: 1:12-cv-284
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.