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

Press release:

DOL Secures Consent Judgment to Restore of $95K to 401(k) Plan Sponsored by Brunk Industries Inc. in Oakdale, California

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

Date: Apr. 21, 2016

Date of Action: April 18, 2015

Type of Action: Consent Judgment and Order

Names of Defendants: Brunk Industries Inc., James Brunk, and the Contractors and Employees 401(k) Plan

Allegations: Based on an investigation by the Employee Benefits Security Administration, the U.S. Department of Labor filed a complaint June 29, 2015 alleging that James Brunk and Brunk Industries Inc. failed to collect prevailing wage employer contributions for the employeesí 401(k) plan. These contributions were provided by government contracts for work performed by defendantís employees under prevailing wage laws. Instead, the defendants retained and comingled the contributions with company assets and used the funds for non-Plan purposes, in violation of the Employees Retirement Income Security Act of 1974.

Resolution: The court-approved consent judgment and order requires the defendants to restore $95,109 to the 401(k) plan. In addition, the judgment removes Brunk as the planís fiduciary and appoints Lefoldt & Company as the independent fiduciary responsible for winding up the plan, including the distribution of its assets to participants. Brunk shall pay $4,890 of the costs for this independent fiduciary, and also may be assessed a 20 percent civil penalty on the amount restored to the plan. The court order also permanently enjoins Brunk from serving as a fiduciary of, or service provider to, any ERISA-covered employee benefit plan in future.

Court: United States District Court, Eastern District of California, Fresno Division

Docket Number: 1:15-cv-00985-DAD-SAB


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

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