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Court orders default judgment requiring fiduciary to restore losses to Storrow Kinsella Associates Inc. SIMPLE IRA Plan in Indianapolis
Date of Action: Aug. 11, 2014
Type of Action: Default Judgment
Names of Defendant: Margaret T. Storrow, as a fiduciary to the Storrow Kinsella Associates Inc. SIMPLE IRA Plan, Storrow Kinsella Associates Inc., and Storrow Kinsella Associates Inc. SIMPLE IRA Plan.
Allegations: Storrow, in her capacity as a plan fiduciary, failed to remit $26,485.84 in participant contributions to the plan. Storrow also failed to timely remit participant contributions to the plan from Jan. 1, 2007, through Nov. 21, 2012. By failing to remit the amounts to the plan, Storrow allowed these funds to remain part of the company's general assets and used for business expenses.
Resolution: The judgment requires Storrow and the company to restore $31,830.65, to the plan representing $26,485.84 in unremitted participant contributions and $5,344.81 in interest on the unremitted and untimely remitted participant contributions. The judgment further requires that Storrow and the company be permanently enjoined from serving as a fiduciary or service provider to any ERISA-covered plan.
Court: United States District Court Southern District of Indiana
Case: Thomas E. Perez, Secretary of Labor, United States Department of Labor v. Margaret T. Storrow, Storrow Kinsella Associates Inc., and Storrow Kinsella Associates Inc. SIMPLE IRA Plan
Docket Number: 1:13-cv-01437
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 http://www.dol.gov/ebsa.
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.