Want the latest retirement plan adviser news and insights? Sign up for PLANADVISER newsletters.
Compliance January 13, 2017
Firm Accused of Failing to Forward Employee Retirement Plan Contributions
The DOL has filed a lawsuit seeking $82,000 to restore retirement and health plan contributions, plus interest.
Reported by Rebecca Moore
The U.S. Department of Labor (DOL) has filed a complaint in the U.S. District Court of Colorado against Central Security Communications Inc., CEO Robert Millikin and fiduciary Howard Klinger to restore more than $82,000 owed to the company’s retirement and health plans, as well as additional lost income.
The lawsuit asserts that the company, Millikin and Klinger violated the Employee Retirement Income Security Act (ERISA) by not making employee retirement contributions and health insurance premium payments on behalf of the employee retirement and health plans. The lawsuit also alleges the defendants did not collect delinquent outstanding loan repayments owed to the retirement plan.
The DOL seeks a court order that would require the company, Millikin and Klinger to restore all plan losses with interest; appoint an independent fiduciary to administer the plans; and bar Millikin and Klinger from serving as fiduciaries to any employee benefit plan.