A Pittsburgh company must restore $67,138 in plan assets and interest to its employee retirement plan, according to the U.S. District Court for the Western District of Pennsylvania. The action resolves a lawsuit filed by the U.S. Department of Labor against Liberty-Pittsburgh Systems Inc. and its chief executive officer Kevin Weir.

The DOL's Employee Benefits Security Administration found during an investigation that the company violated the Employee Retirement Income Security Act by failing to "remit employee contributions and participant loan repayments to the plan, and also remitted certain contributions and loan repayments to the plan late without interest," according to the suit. The alleged violations occurred from January 2007 through December 2009.

"Plan fiduciaries have a legal obligation to act in the best interest of plan participants and will be held accountable when they fall short," said Mabel Capolongo, director of EBSA's Philadelphia Regional Office, which conducted the investigation. "Because of this legal action, contributions made by Liberty-Pittsburgh Systems' employees are being protected."

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