Please note: As of January 20, 2017, information in some news releases may be out of date or not reflect current policies.
U.S. Department of Labor files contempt petition involving Air Gage Co. 401(k) Plan & Air Gage Co. Health Care Plan in Livonia, Mich.
Air Gage Co. 401(k) Plan & Air Gage Co. Health Care Plan in Livonia, Mich.
Date of Action: March 27, 2014
Type of Action: Petition for Civil Contempt, Order to Show Cause
Name of Defendant: Thomas Fernandes, individually and as a fiduciary to the Air Gage Company 401(k) Plan and Air Gage Company Health Care Plan
Contempt Petition: Fernandes, in his capacity as a fiduciary to the Air Gage Company 401(k) Plan and Air Gage Company Health Care Plan, is liable to the plans for $11,143.21.
On June 10, 2013, Fernandes was ordered to pay $7,710.85 directly to the former participants of the Air Gage Company 401(k) Plan which represents lost opportunity costs for late contributions and loan repayments from employees of Air Gage Company, Reska Spline Products Inc. and Airtronics Gage and Machine Company for the period Jan. 3, 2008, through March 8, 2013.
Fernandes was also ordered to pay $3,432.36 directly to the former participants of the Air Gage Company Health Care Plan, which represents Air Gage Company employee health premiums which were not transferred to the health plan and lost opportunity cost calculated through March 8, 2013.
Resolution: The petition seeks to prosecute Fernandes for civil contempt of court, assess damages to Fernandes for any expenses related to this proceeding, and order Fernandes to pay that which was previously ordered, plus post-judgment interest.
Court: United States District Court for the Eastern District of Michigan
Docket Number: 4:13-cv-10079, 2:13-cv-10079
For help with problems related to private sector retirement and health plans, employers and workers can reach EBSA’s toll-free at 866-444-3272. Additional information about the agency 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.