Subscribe Now!
Free Daily News, Jobs, Webcasts, Discussions
Display and Distribute
Your Job Openings
COVID-19 News
COVID-19 Webcasts

Featured Jobs

Plan Administrator

Forrestall CPAs, LLC
(Buford GA)

Forrestall CPAs, LLC logo

Retirement Plan Administration Consultant

(Telecommute / Edina MN)

TSC logo

Free Daily News and Jobs

“BenefitsLink continues to be the most valuable resource we have at the firm.”

-- An attorney subscriber

Get the BenefitsLink app LinkedIn

By Date   |   By Company Name

View More Press Releases by Employee Benefits Security Administration [EBSA], U.S. Department of Labor

Press release:

DOL Obtains Default Judgments Restoring Losses to Employee Retirement Plan of Madison-based IDS Sales & Engineering Inc.

Issued by: Employee Benefits Security Administration [EBSA], U.S. Department of Labor

Date: Oct. 1, 2015

September 29, 2015

Type of Action: Default Judgment

Names of Defendant: David Stratton, IDS Sales & Engineering, Inc., IDS Sales & Engineering, Inc. Retirement Savings Plan

Allegations: During the time period of Dec. 1, 2010, through Feb. 28, 2011, the defendants, as fiduciaries of the company's retirement savings plan, failed to remit $14,435.61 in participant retirement contributions, resulting in lost opportunity costs of $4,679.33. In addition, during the time period of Feb. 2, 2010, through Nov. 24, 2010, the defendants withheld participant contributions totaling $31,523.42 and loan repayments totaling $167.40 from participants’ pay and failed to remit such amounts to the Plan in a timely manner. These actions allowed IDS to retain the participant contributions in its general assets and use them to pay for corporate expenses, in violation of the Employee Retirement Income Security Act.

Resolution: On July 14, 2015, the district court entered judgment against defendants Stratton and the Plan in the amount of $19,114.94. In addition, Stratton was ordered to correct the prohibited transactions in which he engaged and was permanently barred from serving as a fiduciary to an employee benefit plan covered under the Employee Retirement Income Security Act except to the extent necessary to carry out the judgment.

Previously, on April 28, 2015, IDS was ordered to restore $19,114.94 to the IDS Sales & Engineering, Inc. Retirement Savings Plan. Defendant IDS was also permanently enjoined from acting as fiduciary or service provider to any ERISA-covered employee benefit plan.

Court: United States District Court for the Western District of Wisconsin

Docket Number: 3:14-cv-00577

Employers and workers can reach EBSA’s Chicago office at 312-353-0900 or toll-free at 866-444-3272 for help with problems relating to private-sector retirement and health plans. Additional information can be found at


View More Press Releases by Employee Benefits Security Administration [EBSA], U.S. Department of Labor

This is a press release issued by the company named above. BenefitsLink is not the author. Use of any information obtained from this release is voluntary, and reliance on it should only be undertaken after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by BenefitsLink.

© 2020, Inc.