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Judge orders company president to restore more than $32,000 to Stainless Steel Fabricating, Inc. employee benefit plans in Columbus, Wis.
Type of Action: Consent order and judgment
Names of Defendants: George Hall and the Stainless Steel Fabricating, Inc. Salary Reduction Simplified Employee Pension Plan in Columbus, Wis.
Allegations: The suit, filed in U.S. district court for the Western District of Wisconsin in Madison, Wis., alleges that the company and its president, George Hall, violated ERISA by failing to timely forward employee contributions to the Stainless Steel Fabricating, Inc. Salary Reduction Simplified Employee Pension Plan from March 1, 2005, through Nov. 10, 2010. Additionally, from March 1, 2005, through Nov. 19, 2010, Hall caused Stainless Steel Fabricating to retain employee contributions in the company’s corporate account and failed to ensure they were deposited in the employees’ individual Salary Reduction Simplified Employee Pension Plan accounts.
Furthermore, during the period of June 2009 though July 2009, Stainless Steel Fabricating allegedly withheld $1,313.54 from its employees’ pay and failed to remit the employee contributions to the Stainless Steel Fabricating, Inc. Health Plan.
Resolution: The consent order and judgment requires Hall to restore to the Stainless Steel Fabricating, Inc., Salary Reduction Simplified Employee Pension Plan a total of $32,785.62 representing all losses, including lost opportunity costs, resulting from fiduciary breaches committed by him or for which he is liable. Hall has waived the 14,663.00 owed to his own account, and is responsible for restoring the remaining balance. Additionally, the consent order and judgment requires Hall to refund to the Health Plan participants the amount of $1,313.54, which Stainless Steel Fabricating withheld from their paychecks but did not remit to the Health Plan.
The consent order also permanently enjoins Hall from violating the Employee Retirement Income Security Act and from serving as a fiduciary or service provider to any ERISA-covered plan.
Court: United States District Court for the Western District of Wisconsin
Seth D. Harris, Acting Secretary of Labor v. George Hall and the Stainless Steel Fabricating, Inc. Salary Reduction Simplified Employee Pension Plan
Docket Number: 3:11-cv-00849
EBSA protects the security of the retirement, health and other workplace-related benefits of America’s workers, retirees and their families. Employers and workers can reach EBSA toll-free at 866-444-3272 for help with problems related to private sector retirement and health plans. Additional information can be found at www.dol.gov/ebsa.
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.
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