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Release Date: December 22, 2006
Release Number: 06-2105-CHI
Contact Name: Scott M. Allen
Phone Number: 312.353.6976
Cincinnati - The U.S. Department of Labor has
sued Cincinnati-based Queen City Restaurant Group and the trustee of
401(k) plans sponsored by the business for allegedly failing to forward
and remit employee contributions in a timely manner to the plans of
three companies managed by the restaurant group.
The suit alleges that Queen City Restaurant Group,
formerly known as Queen City Brewing Co., and plan trustee Vincent
Bryant violated the Employee Retirement Income Security Act (ERISA).
Queen City Restaurant Group and Bryant allegedly failed to remit
employee contributions to the retirement savings plans of Queen City
Restaurant Group, Watson Brothers Bistro and Brewery and Tellers of Hyde
Park LTD, and failed to remit contributions on time between January 2001
and March 2006. Bryant was the president and CEO of the restaurant group
when the alleged improper transactions occurred.
The suit seeks to require plan fiduciaries to restore
to the plan all employee contributions as well as lost opportunity
costs, to remove the plan fiduciaries, and to correct any prohibited
transactions.
“The department will take appropriate legal action
when plan fiduciaries fail to carry out their duty to protect the
retirement plan assets held on behalf of participants,” said Joseph
Menez, director of the department’s regional office in Cincinnati of
the Employee Benefits Security Administration (EBSA).
Employers with similar problems, who are not yet the
subject of an investigation by EBSA, may be eligible to participate in
the department’s Voluntary Fiduciary Correction Program (VFCP).
Participation in the VFCP requires employers to make workers whole but
allows them to avoid EBSA enforcement actions and civil penalties as
well as any applicable excise taxes. For more information about the VFCP,
see www.dol.gov/ebsa.
The suit, filed in U.S. District Court for the
Southern District of Ohio, resulted from an investigation conducted by
the Cincinnati regional office of EBSA. Employers and workers can reach
the Cincinnati office at 859.578.4680 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 their families.
(Chao v. Bryant)
Civil Action No. 1:06-cv-861
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page. The information in this news release will be made available
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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.
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