USDOL v. Liberty Bank, 96-RIS-15 (ALJ Aug. 13,
1996)
U.S. Department of Labor Office of Administrative Law Judges
800 K Street, NW
Washington, DC 20001-8002
Date Issued: August 13, 1996
Case No.: 96-RIS-15
In the Matter of:
UNITED STATES DEPARTMENT OF LABOR,
PENSION AND WELFARE BENEFITS
ADMINISTRATION,
Complainant
v.
LIBERTY BANK,
Respondent
Before: JOHN M. VITTONE
Chief Judge
DECISION AND ORDER
This case arises under Section 502(c)(2), 29
U.S.C. §§ 1132, 1135 of the Employee Retirement Income
Security Act of 1974 (ERISA), as amended, 29 U.S.C § 1100
etseq. and the Secretary's Order 1-87, 52 Fed.
Reg. 13,139, and the regulations thereunder at 29 C.F.R. Parts
2560 and 2570.
By notice dated October 2, 1995, the Pension
and Welfare Benefits Administration, U.S. Department of Labor
(DOL), notified Liberty Bank (Respondent) of a civil money
penalty ($53,650) against it for violations of ERISA. DOL
alleged that Respondent failed to file a satisfactory Form 5500
of its 1992 401(k) Profit Sharing Plan Annual Report as required
by ERISA. On October 24, 1995, Respondent requested a hearing
before this Office.
Pursuant to 29 C.F.R. § 2570.65, DOL and
Respondent have negotiated a settlement of all disputed claims
regarding Respondent's 401(k) Profit Sharing Plan Annual Report
for 1992. On July 22, 1996, the DOL and Respondent have
submitted an executed Stipulation for Dismissal and Order. The
parties request review of the agreement and an order disposing of
this proceeding. DOL has agreed to amend the total civil money
penalty by reducing the assessment to $8,650. Respondent has
paid the amended civil money penalty.
Upon review of the record, the Stipulation
for Dismissal and Order is APPROVED. This agreement constitutes
full and final resolution of this matter. It is ORDERED that:
1) this Order shall have the same force and effect
as an order made after a full hearing;
2) the entire record upon which this Order is based
shall consist solely of the Notice of Determination
and this Stipulation and Order;
3) any further procedural steps before this Office
are waived;
4) any rights to challenge or contest the validity
of this Order entered in accordance with this
Stipulation and Order are waived; and
5) this Decision and Order shall be final agency
action.
It is further ORDERED that this matter be
DISMISSED.
