Harris v. Tripp Mechanical Services LLC involving failure to remit employee contributions to the company’s SIMPLE IRA plan in Falkland, NC

Date of Action: June 14, 2013

Type of Action: Consent Judgment and Order

Name(s) of Defendant(s): Tripp Mechanical Services, LLC, Jarvis Edward Tripp, Jr., and Gina Tripp

Allegations: In January 2008, Tripp Mechanical Services, based in Falkland, N.C., established a SIMPLE IRA plan for its employees. During the course of an investigation by the U.S. Department of Labor’s Employee Benefits Security Administration, the agency found that from January 2009 to September 2010, Tripp Mechanical Services, Jarvis Edward Tripp, Jr. and Gina Tripp failed in their fiduciary responsibility to forward $9,469 in contributions to the plan in a timely manner and also allowed the funds to be commingled with general company assets.

Resolution: In the consent judgment and order, defendant Gina Tripp agreed to offset her participant interest in missing contributions, in the amount of $1,092.00, plus $152.40 in interest. The defendants also agreed to reimburse the plan of $8,757.82, an amount that represents all other losses, including interest or lost opportunity costs to the plan, which occurred as a result of the defendants’ breach of their fiduciary obligations; and to be permanently enjoined from serving as fiduciaries, trustees, agents, or representatives in any capacity to any employee benefit plan subject to the Employee Retirement Income Security Act.

Court: United States District Court for the Eastern District of North Carolina

Docket Number: 4:13-cv-00011-F

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