News Brief

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Judge order fiduciary to restore funds to Accucast Technology 401(k) in South Bend, Ind.

Date of Action: Feb. 15, 2013

Type of Action: Default judgment

Names of Defendant: Joseph A. Seher, Accucast Technology LLC 401(k) Plan and Accucast Technology LLC Health Plan

Allegations: Seher in his capacity as a fiduciary 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 default judgment, Seher shall pay $2,546 in unremitted contributions to Accucast Technology LLC Health Plan, in order to correct the prohibited transaction in which he engaged. Seher has also been removed as a fiduciary to both the Accucast Technology LLC 401(k) Plan and Accucast Technology LLC Health Plan, is permanently enjoined from violating the provisions of the Employee Retirement Income Security Act and from serving as a fiduciary to any ERISA-covered plan in the future.

These monies shall be paid to plan participants who had voluntary employee contributions to the Health Plan withheld from their pay during the period of Oct. 1, 2009, through Dec. 18, 2009, that were not remitted to the Plan.

Court: Northern District of Indiana, Hammond Division, Hammond, Ind.

Docket Number: 3:12-cv-00415

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.

EBSA News Brief: 
02/21/2013
Release Number: 
EBSA CHI-13-8