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US Department of Labor obtains consent judgment to recover more than $18,000 to 401(k) plan of TMR Inc. in Broomall, Pa.
Date of Action: Aug. 30, 2013
Name(s) of Defendant(s): Thomas Ramsburg and TMR Inc.
Allegations: The U.S. Secretary of Labor filed a complaint alleging the following:
Thomas Ramsburg is the sole owner and chief operating officer of TMR Inc., headquartered in Broomall, Pa. The company sponsors and administers the TMR Inc. 401(k) plan, established in 1998, for the benefit of its employees. Ramsburg is a fiduciary of the plan, responsible for making decisions concerning the remittance of employee contributions to the plan. An investigation conducted by the U.S. Department of Labor’s Employee Benefits Security Administration found that from January 2008 to January 2011, the company deducted money from the participants pay as participant loan repayments to the plan. The company then failed to remit the aforementioned participant loan repayments to the plan, and remitted certain participant loan repayments late without interest.
Resolution: Ramsburg and TMR Inc. signed a consent judgment with the department agreeing to restore $13,486.80 in losses plus $4,579.62 in interest within 90 days after the entry of the judgment. Under the judgment, the defendant is permanently enjoined from acting as a fiduciary or service provider to any plan covered by the Employee Retirement Income Security Act, and has the duty to cooperate fully in the termination of the plan and the distribution of its assets, to the extent that such cooperation is required.
Court: United States District Court for the Eastern District of Pennsylvania
Docket Number: 13-5073
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.