Labor Department Sues Owners of Fairfield County, Ohio, Business To Restore Delinquent Contributions to Company’s 401(k) Plan

Archived News Release — Caution: Information may be out of date.

Chicago, Illinois - The U.S. Department of Labor sued Rodney G. Stepleton and Eddie E. Ruble, owners of Stepleton & Ruble Steel Inc., Baltimore, Ohio, for failing to forward employee contributions to the company’s pension plan and to segregate plan contributions from the general operating assets of the company, as part of a lawsuit alleging violations of the Employee Retirement Income Security Act (ERISA).

The suit, filed in U.S. District Court in Columbus, alleges that both defendants violated their duties as plan fiduciaries by failing to remit employee contributions to the company’s 401(k) plan for various periods in 2001 and 2003 even though monies were deducted from workers’ paychecks, and Stepleton commingled the contributions with the assets of the company. Stepleton also failed to provide participants and beneficiaries with summary annual reports and to obtain a fidelity bond as required by the pension law. Ruble officially resigned from the company July 1, 2002.

“The department will act when plan fiduciaries fail to carry out their duty to protect the retirement plan assets held on behalf of participants,” said Joseph Menez, director of the department’s Cincinnati regional office of the Employee Benefits Security Administration (EBSA).

The suit seeks to require Stepleton and Ruble to restore to the plan all contributions plus interest and correct any prohibited transactions. The Labor Department is also asking the court to remove Stepleton as a plan fiduciary, order him to obtain and maintain a fidelity bond adequate to meet the requirements of ERISA for the amount of the plan funds handled and for other relief as the court deems appropriate.

The suit resulted from an investigation conducted by the Cincinnati regional office of EBSA. Employers and workers can reach the Cincinnati office at 859.578.4680 or through EBSA’s toll-free number, 1.866.444.EBSA (3272), for help with problems relating to private-sector retirement and health plans.

(Chao v. Stepleton)
Civil Action No.: 3:06cv0027

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Archived News Release — Caution: Information may be out of date.

Contact Name: Brad Mitchell
Phone Number: 312.353.6976