Archived News Release Caution: Information may be out of date.
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Release Date: 10/26/2004
Release Number: 04-1901-CHI
Contact Name: Gloria Della
Phone Number: 202.693.8664
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Minneapolis, Minnesota - The U.S. Department of
Labor today obtained a consent judgment and order requiring Accutech Mold
& Engineering, Inc., Little Falls, Minnesota, and its owners to pay
$13,199 to the company’s SIMPLE IRA Plan as restitution for failing to
timely forward employee contributions to the plan. |
The judgment also requires Michael Rutten and Heather
Rutten to credit the restitution to the accounts of existing participants
and to make additional payments to individuals who have received their
plan account balances. The plan covered as many as 10 participants and had
$7,402 in assets as of November 13, 2000. |
“The
Department of Labor will aggressively enforce the law to protect the
retirement funds of this nation’s hardworking men and women,” said
Steven Eischen, director of the Kansas City regional office of the
Employee Benefits Security Administration (EBSA). “Our legal action will
ensure that these workers receive future benefits owed to them.” |
On
October 21, 2004, the Labor Department sued the company and its owners for
violating the Employee Retirement Income Security Act (ERISA) by failing
to forward employee contributions from October 2000, to November 2001.
Accutech Engineering is a manufacturer of plastic injection moldings based
in Little Falls, Minnesota. |
Employers
with similar problems, and who are not yet the subjects 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 the federal district court in
Minneapolis, resulted from an investigation conducted by EBSA’s Kansas
City regional office. In fiscal year 2004, EBSA achieved record monetary
results totaling $3.1 billion for retirement, 401(k), health and other
programs. Employers and workers can reach EBSA’s regional office at 816.426.5131
or through EBSA’s toll-free number at 1.866.444.EBSA (3272), for help
with problems relating to private-sector retirement and health plans. |
(Chao
v. Accutech Mold & Engineering, Inc.)
Civil Action No. 04-CV-4566 |
U.S.
Labor Department news releases are accessible on the Internet at
www.dol.gov. 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
www.dol.gov/compliance. |
Archived News Release Caution: Information may be out of date.
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