News Brief

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Fiduciary to repay more than $9,000 in unremitted contributions to Carnegie Body Company 401(k) Retirement Plan in Cleveland, Ohio

Date of Action: March 17, 2014

Type of Action: Consent Order and Judgment

Name of Defendant: Richard Sippola, individually, and as fiduciary of the Carnegie Body Company 401(k) Retirement Plan

Allegations: Richard Sippola, individually and as fiduciary of the Carnegie Body Company 401(k) Retirement Plan failed to ensure that employee pre-tax contributions and loan repayments for the period March 13, 2009, through Jan. 10, 2010, were remitted to the Carnegie Body Company 401(k) Retirement Plan. The company is located in Cleveland.

Resolution: Richard Sippola agreed to restore losses to the participants in the amount of $9,396.03, the full amount of unremitted contributions and/or loan repayments for the period beginning March 13, 2009, until Jan. 10, 2010, in quarterly installments beginning on April 1, 2014.

Court: United States District Court for the Northern District of Ohio, Eastern Division.

Docket Number: 1:13-CV-01416

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.

EBSA News Brief: 
03/18/2014
Release Number: 
EBSA 14-10-CHI