Subscribe (Free) to
Daily or Weekly Newsletters
Post a Job

Featured Jobs

Retirement Plan Administrator

Hessel & Associates, LLC
(Remote / IL)

Hessel & Associates, LLC logo

Internal Accounting Specialist

July Business Services
(Remote)

July Business Services logo

Fund Reconciliation and Reorg Analyst

Ubiquity Retirement + Savings
(Remote / San Francisco CA)

Ubiquity Retirement + Savings logo

Chief Pension Actuary

Loren D. Stark Company
(Remote)

Loren D. Stark Company logo

Inquisitive DC Account Manager

Nova 401(k) Associates
(Remote / Houston TX / Scottsdale AZ)

Nova 401(k) Associates logo

Pension Administrator

Actuaries Unlimited, Inc.
(Remote / Los Angeles CA)

Actuaries Unlimited, Inc. logo

Director- Employee Health Plan

Indiana University Health
(Indianapolis IN)

Indiana University Health logo

401(k) Plan Analyst

Evergreen Retirement Plan Consulting, LLC
(Remote)

Evergreen Retirement Plan Consulting, LLC logo

Retirement Plan Administrator

Retirement Solutions Specialists, LLC
(Remote / Jacksonville FL)

Retirement Solutions Specialists, LLC logo

Plan Compliance Analyst (Administrator)

RPA
(Remote)

RPA logo

3(16) Account Manager

Pentegra
(Remote)

Pentegra logo

View More Employee Benefits Jobs

Free Newsletters

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

-- An attorney subscriber

Mobile App image LinkedIn icon
Twitter icon
Facebook icon

Press Releases by Date   |   Press Releases by Company Name


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

Press Release

DOL sues president of defunct West Berlin land improvement company to make $138K debt owed to 401(k) non-dischargeable

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

June 15, 2017

Date of Action: June 13, 2016

Type of Action: Complaint

Name(s) of Defendants: William P. Bowman

Allegations: William Bowman and Associates Inc., a land improvement company based in West Berlin, New Jersey, sponsored the William Bowman Associates Inc. profit-sharing 401(k) plan for its employees. William P. Bowman was the president and sole shareholder of the company, and the sole trustee of the plan with sole authority over the investment decisions made for the plan.

The company filed for bankruptcy in 2007 and ceased operations in 2009. The U.S. Department of Labor’s Employee Benefits Security Administration investigated and found several violations of the Employee Retirement Income Security Act by Bowman, who used his position to make a series of unsecured loans totaling $188,325.06 to related parties. These loans were never repaid, resulting in losses to the plan and its participants.

On April 23, 2013, based on an earlier complaint filed by the U.S. Secretary of Labor involving the plan, Bowman entered into a consent judgment resolving an earlier complaint brought by the secretary. The court ordered Bowman to restore $188,325.06 to the plan through a series of 126 monthly installment payments. Subsequently, Bowman filed for bankruptcy. Restorative payments totaling $49,500 have been made to the plan. Bowman owes a remaining debt of $138,825.06 to the plan.

Resolution: The Secretary of Labor filed a complaint against Bowman, asking the court to declare this debt to the plan non-dischargeable in Bowman’s bankruptcy.

Court: U.S. Bankruptcy Court for the District of New Jersey

Case Number: 16-01445 (ABA)

Media contacts:
Joanna Hawkins, (215) 861-5101, hawkins.joanna@dol.gov
Leni Uddyback-Fortson, (215) 861-5102, uddyback-fortson.lenore@dol.gov

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


Editor's note: This press release has been issued by the company named above, not BenefitsLink. Reliance on information in this press release might be prudent only 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.

© 2022 BenefitsLink.com, Inc.