News Brief

Please note:  As of January 20, 2017, information in some news releases may be out of date or not reflect current policies.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 investigation results in more than $23K in losses being restored to Bonner & Borhart SIMPLE IRA Plan

Date of Action: May 5, 2016

Type of Action:  Consent order and judgment

Names of Defendant: John Bonner, Bonner & Borhart LLP, Bonner & Borhart LLP SIMPLE IRA Plan

Allegations: An investigation by the Employee Benefits Security Administration in Kansas City, Missouri, found Minneapolis–based Bonner & Borhart LLP and Bonner, the company’s managing partner and sole owner violated the Employee Retirement Income Security Act while serving as fiduciaries to the Bonner & Borhart LLP SIMPLE IRA Plan.

During the period from Jan. 15, 2009, to May 12, 2014, Bonner & Borhart withheld in excess of $23,334, from employees’ pay in salary reduction contributions intended for the plan and retained the funds in the company’s general operating account.

Prior to April 15, 2016, Bonner restored $23,334 in unremitted salary deferral contributions and $9,659 in lost opportunity cost to the plan.

Resolution: The consent judgment removes Bonner and Bonner & Bonhart LLP from their positions as fiduciaries to the plan and orders them to be permanently enjoined and restrained from violating ERISA and from serving as fiduciaries or service providers to any ERISA-covered employee benefit plan. 

Employers and workers can reach EBSA toll-free at 866-444-3272 for help with problems relating to private-sector retirement and health plans.  Additional information can be found at http://www.dol.gov/ebsa.

Court: United States District Court for the District of Minnesota, Minneapolis

Docket Number: 0:15-cv-00037

EBSA News Brief: 
05/05/2016
Contact Name: 

Scott Allen

Phone Number: 
Contact Name: 

Rhonda Burke

Phone Number: 
Release Number: 
16-0782-KAN