Photo: AP

A court decision has shown that fiduciaries who failed to fulfill their obligations to participants in an IRA plan aren’t getting off the hook via a bankruptcy filing.

The Department of Labor took Scott Louis Slocum and the Dalton Mechanical SIMPLE IRA Plan to court back in 2009 after an investigation by the Employee Benefits Security Administration found that plan trustees, including Slocum and Dalton Mechanical, Inc., failed to ensure employee contributions were remitted to the plan as required by ERISA. The total amount due to the plan participants, including lost interest, was determined to be $41,093.44.

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