Labor Department Recovers Over $122,000 for Columbus, Ohio Pension Participants

Archived News Release — Caution: Information may be out of date.

Cincinnati, Ohio - Twenty-one participants of the Franklin International thrift pension plan of Columbus, Ohio, will have $122,916.67 restored to their plan accounts as part of a consent order and judgment obtained on July 12 by the U.S. Department of Labor.

Franklin International manufactures construction and industrial glues and adhesives. The plan covered as many as 240 participants in 1995.

In a suit filed simultaneously with the judgment, the department alleges that the corporation, corporate executives and plan committee members violated their fiduciary duties under the Employee Retirement Income Security Act (ERISA). Individuals named in the lawsuit include executives Evan A. Williams, L. Thomas Williams, and George Hampl and plan committee members Jeffrey M. Oglevee, Bruce Myers, William Spohn and John Bergandine.

According to the suit, the defendants sold 8,800 shares of corporate stock owned by the plan to the company in violation of ERISA’s prohibited transaction provisions.

The court action resulted from an investigation conducted by the Cincinnati Regional Office of the department’s Pension and Welfare Benefits Administration into alleged violations of ERISA. Cincinnati Regional Director Joseph Menez said, “This reaffirms our commitment to protect the hard-earned benefits promised by employers. Employers and workers can reach us at 859.578.4680 for help with any problems relating to private-sector pension and health plans.”

(Chao v. Franklin International)

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Archived News Release — Caution: Information may be out of date.