EMPLOYMENT LAW: US DOL Files Claims for 2 Ohio Employees for Unaccounted ERISA Benefits

October 12, 2011

Washington - The US Department of Labor has filed a complaint in federal court against Pension Retirement Planning and its administrator, after it failed to account for the money deposited to benefit plans of two Ohio employees, which is in violation of the Employee Retirement Income Security Act (ERISA), a statement released in its website said.

According to the lawsuit, the employers of the victim failed in its fiduciary responsibilities by neglecting to monitor the actions of Pension Retirement Planning. DOL also charged the employers for failing to review and reconcile account statements for EBSA Form 5500, review the calculations and require Pension retirement Planning to issue participant statements.

The suit is seeking the restoration of nearly $326, 147.22 for the two employees, out of more than 41.1 million that was in the account maintained by Pension Retriement Planning from May 30, 2000 to August 31, 2009.

The complaint seeks the restoration of all plan losses and appropriate interests.

Pension Retirement Planning is a third-party company providing record-keeping services to 51 ERISA-covered pension plans before it ceased operations.