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Lawsuit Dropped After Contractor Pays 401(k) Plan Contributions


The U.S. Department of Labor (DOL) has filed a proposed order of dismissal of a lawsuit in which it alleged a government contractor failed to make required contributions to its 401(k) plan.

B.C. Inc. restored to the plan unremitted employer contributions, with lost earnings, totaling approximately $149,904.

The DOL filed a complaint earlier this year alleging that Tarry Bratton, B.C. Inc. and the B.C. Inc. 401(k) Profit Sharing Plan violated the Employee Retirement Income Security Act (ERISA) by not collecting employer contributions required by government contracts to the company’s plan.

According to the complaint, Tarry Bratton, president and sole owner of the company, was the plan’s trustee and a plan fiduciary. The company established the plan in October 2004, and it required that the company make contributions equal to the amount of fringe benefits paid under various prevailing-wage contracts, pursuant to the Davis-Bacon Act.

However, from January 2009 to July 2012, Bratton and the company failed to remit mandatory employer contributions to the plan. The complaint says Bratton and the company could have successfully collected the contributions at the time they were due because the funds were available and the financial health of the company was good at the time.

Source: http://www.plansponsor.com/Lawsuit-Dropped-After-Contractor-Pays-401k-Plan-Contributions/?email=t

#lawsuits #fiduciary

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