|
 Printer Friendly Version
Release Date: May 9, 2006
Release Number: 06-833-PHI (EBSA 06-052)
Contact Name: Kate Dugan
Phone Number: 215.861.5101
Philadelphia, Pennsylvania - The U.S.
Department has obtained a settlement permanently barring Austin James
Associates, Inc. (AJA) and its president, Curtis M. Herman from serving
as fiduciaries to employee benefit plans governed by the Employment
Retirement Income Security Inc.
“The department will take action when plan
fiduciaries fail to protect the retirement plan assets they hold on
behalf of participants,” said Mabel Capolongo, director of the
department’s Philadelphia regional office of the Employee Benefits
Security Administration (EBSA).
The settlement resolves a lawsuit filed by the Labor
Department in March 2006 alleging that the company failed to timely
remit employee contributions to its 401(k) retirement savings plan. The
consent judgment removes Herman and AJA as plan fiduciaries and appoints
an independent fiduciary to manage the plan.
The suit resulted from an investigation conducted by
EBSA’s Philadelphia regional office. Employers and workers can reach
the Philadelphia office at 215.861.5300 or through EBSA’s toll-free
number, 1.866.444.EBSA (3272), for help with problems relating to
private-sector retirement and health plans. In fiscal year 2005, EBSA
achieved monetary results of $1.7 billion related to pension, 401(k),
health and other benefits for millions of American workers and families.
(Chao v. Curtis M. Herman, et. al.)
Civil Action No. 3:06-cv-512
U.S. Department of Labor news releases are accessible on the
Department's Newsroom
page. The information in this news release will be made available
in alternate format upon request (large print, Braille, audio tape or
disc) from the COAST office. Please specify which news release when
placing your request at 202.693.7765 or TTY 202.693.7755. The U.S.
Department of Labor is committed to providing America's employers and
employees with easy access to understandable information on how to comply
with its laws and regulations. For more information, please visit the
Department's Compliance
Assistance page.
|
