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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

DOL Recovers $25k for Akron Retirement Plan After Investigation Finds Company Owner Failed to Forward Contributions

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

Oct. 5, 2021

Owner restored funds, banned from serving as a fiduciary in the future

AKRON, OH – After failing to timely forward $23,287 in employer contributions and employee payroll-deducted retirement contributions to his company’s individual retirement plan, an Akron business owner has been banned by a federal court from serving as a fiduciary in the future.

On Oct.  4, 2021, U.S. District Court Judge John R. Adams signed a consent judgment in the case which included the fiduciary ban. Prior to the court’s action, Trevor Bills – owner and president of CINC Solutions Ltd. and Advanced Communications Company, which operates as Tel-Com Systems of Ohio – restored $25,463 to the CINC Solutions Ltd Simple IRA Plan on June 15, which included interest related to the $23,287 in untimely paid contributions.

The court’s action follows a U.S. Department of Labor Employee Benefits Security Administration investigation that found, from March 2016 to May 2018, Bills failed to timely forward both employer and employee contributions to the plan. In addition to his ownership and management role, Bills was a fiduciary to the plan.

“When fiduciaries fail to take required actions regarding the hard-earned retirement savings of beneficiaries in plans they manage, workers lose trust in those managing their retirement earnings and the fund’s growth is compromised,” said Employee Benefits Security Administration Regional Director L. Joe Rivers in Cincinnati. “The U.S. Department of Labor’s Employee Benefits Security Administration is committed to ensuring the integrity of employee benefit programs and holding those who violate the law accountable.”

Employers and workers can reach EBSA toll-free at 866-444-3272 for help with problems related to private sector retirement and health plans. Learn more about EBSA.

Walsh v. CINC Solutions, Ltd., Advanced Communications Company dba As Tel-Com Systems Of Ohio, CINC Solutions Ltd Simple IRA, U.S. District Court for the Northern District Of Ohio, Eastern Division, Akron, Ohio

Civil Case No. 5:21-cv-01374

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.

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