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U.S. Department of Labor files complaint to remove fiduciaries of Rose Business Forms Company’s employee benefit plans
Date of Action: Nov. 25, 2014
Type of Action: Complaint
Names of Defendant: William Robin Rose and Rose Business Forms Company d/b/a Rose Printing Services, Inc., as fiduciaries to the Rose Printing Services Inc. Employees 401(k) Retirement Savings Plan, Rose Printing Services Inc. Employees Health Plan and Rose Printing Services Inc. Employees Dental Plan in Fowlerville, Michigan
Allegations: Rose and the company, in their capacity as Plan fiduciaries, failed to remit participant contributions to the 401(k) Plan, Health Plan and Dental Plan and allowed these funds to remain part of the company’s general assets and thereby used them to pay for business expenses.
Additionally, the fiduciaries failed to remit premiums, which included participant contributions, to both the health and dental plans resulting in the cancellation of both the participants’ health and dental insurance. The fiduciaries also failed to timely remit participant contributions to the 401(k) Plan and to maintain a fidelity bond for the 401(k) Plan.
Resolution: The complaint asks the court to order Rose and the company to correct all prohibited transactions and fiduciary breaches for which they are liable and to restore all losses to the 401(k) Plan, Health Plan and Dental Plan, including lost opportunity costs. It also seeks to permanently enjoin Rose and the company from serving as fiduciaries or service providers to any ERISA-covered employee benefit plan and remove them from any positions they now hold as fiduciaries.
Additionally, the Department requests appointment of an independent fiduciary to terminate the 401(k) Plan, distribute its assets to the participants and beneficiaries and conclude any 401(k) Plan-related matters.
Court: United States District Court Eastern District, Flint, Michigan
Docket Number: 4:14-cv-14495
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