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Judge finds fiduciaries liable for more than $33,000 to Fisher & Partners Structural Engineers Inc. SIMPLE IRA Plan
Date of Action: Sept. 17, 2013
Type of Action: Complaint, Consent Order and Judgment
Names of Defendants: David Fisher, Fisher & Partners Structural Engineers, Inc., and Fisher & Partners Structural Engineers, Inc. SIMPLE IRA Plan located in Chicago, Ill.
Allegations: David Fisher and Fisher & Partners Structural Engineers, Inc., in their capacities as fiduciaries to the Fisher & Partners Structural Engineers, Inc. SIMPLE IRA Plan, failed to forward $9,640.96 in employee pre-tax contributions and an additional $21,852.94 in employer contributions to the plan from Jan. 1, 2008, to Jan. 1, 2011.
Resolution: The U.S. Department of Labor simultaneously filed a complaint and a consent order and judgment in federal district court against the defendants resulting in a judgment which finds David Fisher and Fisher & Partners Structural Engineers, Inc. are liable to the Fisher & Partners Structural Engineers, Inc. SIMPLE IRA Plan for $33,409.80. This includes both the employee and employer contributions they failed to forward to the plan, as well as lost opportunity costs.
Fisher & Partners Structural Engineers Inc. and Fisher will be immediately removed as fiduciaries of the plan and permanently enjoined from serving as fiduciaries or service providers to any employee benefit plan subject to the Employee Retirement Income Security Act.
Court: United States District Court for the Northern District of Illinois, Eastern Division.
Docket Number: 1:13-cv-06170
Employers and workers can reach the 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.