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Judge orders fiduciary to restore more than $19,000 to Jomar Building Co. Inc., employee benefit plans in Detroit
Date of Action: April 18, 2013
Type of Action: Consent Order and Judgment
Name of Defendant: Odell Jones, III, individually and as a fiduciary to the Jomar Building Company Inc. 401(k) Plan and the Jomar Building Company Inc. Benefit Plan
Allegations: From Jan. 6, 2006 through March 14, 2008, Jones, in his capacity as a fiduciary to the 401(k) Plan and the Benefit Plan, failed to ensure that participant contributions to the 401(k) Plan were remitted and timely remitted and failed to ensure that participant premium contributions to the Benefit Plan were remitted.
Resolution: The court ordered that Jones is authorized to cause $19,878.52 of his individual account balance in the 401(k) Plan to be reallocated to the investment accounts of the 401(k) Plan’s non-fiduciary participants/beneficiaries. The court further ordered that Jones pay $1,533.15 to the Benefit Plan by mailing cashiers or certified checks directly to the non-fiduciary participants/beneficiaries of the Benefit Plan.
Court: Eastern District of Michigan
Docket Number: 11-cv-13906
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.
Contact: Scott Allen or Rhonda Burke
Phone: 312-353-6976 or 312-353-4807
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