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Current Development Corporation in Elmhurst, Ill.,
has been ordered by a Cincinnati administrative law judge to pay the Labor
Department $53,062 in penalties for disregarding a settlement agreement
correcting reporting and disclosure violations under the federal pension
law.
The decision and order stems from a motion filed
by the department on Feb. 16, 1999, alleging that the corporation failed to
timely file its 1995-1996 participant account statements and Form 5500 Annual
Reports, its 1992-1996 Form 5500 C/Rs, and to timely pay $15,000 in civil
penalties that stemmed from a settlement of these charges.
“PWBA works closely with companies to assist
them in voluntarily correcting violations of reporting and disclosure
provisions of the Employee Retirement Income Security Act,” said Deputy
Assistant Secretary for Program Operations Alan Lebowitz. “However, the
court’s action sends a strong and serious message that companies who fail
to comply with these provisions will be held accountable to the fullest extent
of the law.”
In rendering its decision, the administrative law
judge originally fined the corporation $2,311,300 in penalties to cover the
corporation’s initial failure to file timely reports, and subsequent
breaches stemming from disregarding the settlement agreement and failing to pay
the civil penalties. The judge reduced the penalty to $53,062, provided the
penalty was paid within 30 days following the Feb. 22 decision and order.
U. S. Department of Labor v. Current
Development
Corporation
Case No. 1996-RIS-67 |
