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EBSA News Release: [11/25/2003]
Contact Name: Rita
Ford
Phone Number: (202) 693-8671
Labor Department Obtains Settlement with Ford Motor
Company for Federal Benefit Plan Reporting Violations
WASHINGTON—The U.S.
Department of Labor has received a payment of $50,000 from Ford Motor Company
of Dearborn. Mich., under a consent order for failure to file annual company
health plan reports for hourly employees for three consecutive years as
required by federal reporting regulations.
“This action underscores the
Labor Department’s commitment to ensure that plan administrators comply
with federal law governing retirement and health plans,” said Ian
Dingwall, chief accountant for the department’s Employee Benefits Security
Administration.
The order also required the company
to ensure that its board of director’s audit committee reviews the plan
audit and the independent qualified public accountant’s report from 2003
through 2007 before filing future reports with the department to ensure the
integrity of the quality, independence, scope, findings and conclusions of the
audit.
The court order and
agreement were the result of a penalty assessed by the department against Ford
Motor Company on March 7, 2002, for violating the Employee Retirement Income
Security Act by failing to file annual reports containing financial statements
conforming to generally accepted accounting principles and auditing standards
for 1998-2000. Ford subsequently submitted revised and corrected reports for
1998 through 2000, as well as for the 2001 plan year.
# # #
(U.S. Department of Labor, Employee Benefits
Security Administration
v. Ford Motor Company)
Case No. 2002-RIS-022
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