Calif. construction company ordered to pay $520,000 to employee retirement plan
Explore General Inc. in Fresno, Calif., and Jaime M. Gonzalez, the companys former CEO and president, have been ordered to pay $519,601 to the company's 401(k) profit-sharing plan, according to the terms of a judgment and order entered in the U.S. District Court for the Eastern District of California.
By Amanda McGrory-Dixon|April 05, 2012 at 06:37 AM
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Explore General Inc. in Fresno, Calif., and Jaime M. Gonzalez, the company’s former CEO and president, have been ordered to pay $519,601 to the company’s 401(k) profit-sharing plan, according to the terms of a judgment and order entered in the U.S. District Court for the Eastern District of California.
The U.S. Department of Labor filed this lawsuit following an investigation by the Employee Benefits Security Administration. According to the lawsuit, the defendants did not pay the required fringe benefits to the plan and breached their fiduciary duties mandated by the Employee Retirement Income Security Act when they did not administer the plan solely in the best interests of participants. Explore General is no longer in business.
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