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U.S. Department of Labor files complaint to restore losses to the Storrow Kinsella Associates Inc. SIMPLE IRA Plan in Indianapolis
Storrow Kinsella Associates Inc. SIMPLE IRA Plan in Indianapolis
Date of Action: Sept. 10, 2013
Type of Action: Complaint
Names of Defendant: Margaret T. Storrow, Storrow Kinsella Associates Inc., Storrow Kinsella Associates Inc. SIMPLE IRA Plan
Allegations: Margaret Storrow, in her capacity as fiduciary of the Storrow Kinsella Associates Inc. SIMPLE IRA Plan and Storrow Kinsella Associates Inc. failed to remit $26,498.81 in participant contributions that were withheld from employees’ paychecks to the Plan. These contributions were used for general operating expenses of Storrow Kinsella.
Resolution: The Complaint asks the court to order Storrow to restore all losses to the plan, including lost opportunity costs resulting from the fiduciary breach, and to permanently bar Storrow and Storrow Kinsella from serving as a fiduciary or service provider to any ERISA-covered employee benefit plan.
Court: United States District Court for the Southern District of Indiana
Docket Number: 1:13-cv-01437-SEB-MJD
Employers and workers can reach Employee Benefits Security Administration 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.