Employees of a California trucking company that had contracts with the U.S. Postal Service have had almost $2 million in pension benefits restored as the result of a Department of Labor probe. The company and its executives have been barred from government contracts.
Investigators from the department’s San Francisco office found that Lange Trucking Inc., based in Oakland, failed to fully fund the 401(k) accounts of 515 drivers. Lange agreed to pay $500,000 of the unpaid benefits. Hoovestol Inc., an Eagan, Minn., firm that acquired Lange, voluntarily agreed to make up the remaining $1.48 million in retirement benefits owed the employees.