The
U.S. Department of Labor has filed a complaint against a construction company
in southeastern York County, alleging that BC Inc. failed to remit employer
contributions of nearly $250,000 to the company's 401(k) profit-sharing plan.
The complaint states that
Tarry Bratton, president and owner of the Chanceford Township-based company,
also the trustee of the retirement plan, "failed to make efforts to
collect the contributions beginning in January 2009."
The
restitution amount of $249,989 is as of June 5, 2015.
Bratton,
who was not immediately available for comment, could have collected
contributions at the time that they were due because the funds were available
through the prevailing wage and fringe benefit provisions of the Davis-Bacon
Act, the department said.
The
complaint alleges that Bratton and the company knowingly violated the Employee
Retirement Income Security Act, also known as ERISA.
The
department is asking the U.S. District Court for the Middle District of
Pennsylvania to order the company to restore all plan losses, including
interest, that were caused by the alleged fiduciary misconduct.
Source: Central
Penn Business Journals
No comments:
Post a Comment