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Greenline Wealth Management
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Pollard & Associates
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New Hampshire Pension Plan Official Ordered to Forfeit Own Pension Assets to Restore Funds to Other Plan Participants' Accounts
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] Mar. 23, 2000 "The [DOL] has obtained a summary judgment from the U.S. District Court for the District of New Hampshire, resolving a suit it had filed against the fiduciary of a Manchester-based 401(k) pension plan alleging that deductions had been made from workers' paychecks which were never forwarded to their retirement plan accounts.... [T]he difference between the original $8,000 [the owner of the plan sponsor] failed to deposit and the nearly $14,000 he must now forfeit represents the earnings that would have accumulated in the participants' accounts in the interim." |
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