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DOL Recovers More Than $41K for the Weinhagen Tire Co. Inc. 401(K) Plan

Michael E. Weinhagen is the sole owner and president of St. Paul, Minnesota-based Weinhagen Tire Co. and the fiduciary to the Weinhagen Tire Co. Inc. 401(k) Plan.retirement

An investigation by the U.S. Department of Labor’s Employee Benefits Security Administration found from at least February 1. 2010, to May 27, 2015, Weinhagen and the company withheld $35,363.86 from employees’ pay for voluntary contributions to the Weinhagen Tire Co. Inc. 401(k) Plan.

During that same period, Weinhagen and the company retained approximately $29,058 of those contributions in the company’s corporate bank account and used them for general operating expenses, in violation of the Employee Retirement Income Security Act (ERISA).

Under terms of the consent judgment, according to a DOL press release:

  • Weinhagen and Weinhagen Tire Co. restored $4,000 to the Weinhagen Tire Co. Inc. 401(k) Plan on September 22, 2016, and an additional $37,754 on November 4, 2016. These actions restored to the plan all losses, including lost opportunity costs, resulting from fiduciary breaches for which they are liable.
  • Weinhagen and Weinhagen Tire Co. are enjoined from violating ERISA in the future.
  • Larry Cumpston, CPA, of Lawrence Cumpston & Associates is appointed as plan co-administrator, record keeper, and fiduciary.
  • Weinhagen and Weinhagen Tire Co. will file all delinquent Form 5500 Annual Reports for the Plan.

The post DOL Recovers More Than $41K for the Weinhagen Tire Co. Inc. 401(K) Plan appeared first on HR Daily Advisor.



This post first appeared on HR Daily Advisor, please read the originial post: here

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DOL Recovers More Than $41K for the Weinhagen Tire Co. Inc. 401(K) Plan

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