A court decision has shown that fiduciaries who failed to fulfilltheir obligations to participants in an IRA plan aren’t getting offthe hook via a bankruptcy filing.
The Department of Labor took Scott LouisSlocum and the Dalton Mechanical SIMPLE IRA Plan to court back in2009 after an investigation by the Employee Benefits SecurityAdministration found that plan trustees, including Slocum andDalton Mechanical, Inc., failed to ensure employee contributionswere remitted to the plan as required by ERISA. The total amountdue to the plan participants, including lost interest, wasdetermined to be $41,093.44.
The company, Dalton Mechanical Services Inc., is a now-defunctHVAC contractor formerly located in Clarks Summit,Pennsylvania.
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