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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

U.S. Department of Labor Obtains Consent Order and Judgment To Restore Assets to Participants in Jackson, Michigan, Retirement Plan

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

June 20, 2019

JACKSON, MI, June 19, 2019 - The U.S. Department of Labor has obtained a consent order and judgment requiring the fiduciaries of the DJI & Associates Inc. Simple Plan to restore $68,539 to the Jackson, Michigan-based employee benefit plan.

An investigation by the Department's Employee Benefits Security Administration (EBSA) found that fiduciaries Rebecca Iocca, David Iocca, and DJI & Associates Inc. violated the Employee Retirement Income Security Act. From April 2012 to December 2016, the fiduciaries failed to submit $38,145 in employee contributions and $20,308 in promised employer matching contributions to the DJI & Associates Simple Plan. The $68,539 total amount includes $10,086 in lost earnings.

Under the terms of the consent order and judgment, the Ioccas will restore the funds, distribute assets to eligible participants and terminate the plan. The court also permanently enjoined the Ioccas from acting as service providers or fiduciaries to any ERISA-covered plan in the future. DJI & Associates Inc., an engineering company, ceased operating in 2016.

"The consent order and judgment ensures that employees who participated in DJI & Associates Inc.'s employee benefit plan will have access to their hard-earned retirement benefits and protect their future," said Employee Benefits Security Administration Regional Director L. Joe Rivers, in Cincinnati, Ohio. "Fiduciaries must work solely in the interest of plans and participants."

EBSA's Cincinnati office investigated the case.

Employers and workers can reach EBSA toll-free at 866-444-3272 for help with problems related to private sector retirement and health plans. Additional information can be found at https://www.dol.gov/ebsa.

Acosta v. Rebecca Iocca, David Iocca, DJI & Associates Inc., and DJI & Associates Inc. Simple Plan

Civil Action No. 5:19-cv-10371

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


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