State:
Free Special Resources
Get Your FREE Special Report. Download Any One Of These FREE Special Resources, Instantly!
Featured Special Report
Claim Your Free Copy of Overtime Primer: Highlights from the New Regulations

The federal DOL overtime regulations go into effect this year. Are you ready?


Download Now!




This report includes a summary of key changes, including the salary level test and salary basis test.

As a bonus, we've included a handy flowchart to help you determine exemption status under the FLSA.

Download Now!
March 13, 2008
New York Company Ordered to Repay $1.5 Million to Pension Plan
Under a consent judgment resolving a U.S. Department of Labor lawsuit, a marketing and communications company from New York has been ordered to repay $1.5 million to the company's pension plan.

The suit resulted from an investigation by the Labor Department's Employee Benefits Security Administration's New York Regional Office. DOL sued Guild Concepts Ltd., of White Plains, and its president, alleging violations of the Employee Retirement Income Security Act (ERISA). According to the suit, the company president served as a trustee to the company's Employee Savings Plan and was responsible for the proper management of the plan's assets.

A co-trustee, who was also controller of Guild Concepts Ltd., allegedly failed to remit more than $200,000 in employee contributions to the plan and transferred more than $996,000 in plan assets to the company's account. According to the suit, the company president failed to monitor and prevent these acts while the company knowingly received plan assets. At the time the consent decree was announced, the co-trustee had already pled guilty to embezzlement and is now serving 57 months in prison.

"The department's legal actions will restore the pension plan's assets that these workers and their families have been counting on for their retirement," said U.S. Secretary of Labor Elaine L. Chao in a DOL press release.

For a Limited Time receive a FREE Compensation Market Analysis Report! Find out how much you should be paying to attract and retain the best applicants and employees, with customized information for your industry, location, and job. Get Your Report Now!
Featured Special Report:
Top 100 FLSA Overtime Q&As
   
   
 
 
Twitter  Facebook  Linked In
Follow Us
CT-WEB06
Copyright © 2016 Business & Legal Resources. All rights reserved. 800-727-5257
This document was published on http://Compensation.BLR.com
Document URL: http://compensation.blr.com/Compensation-news/Benefits-Leave/ERISA/New-York-Company-Ordered-to-Repay-1.5-Million-to-P/