U.S. Labor Department Obtains Settlement Barring Hudson, Ohio, Business Owners From Overseeing Employees’ Benefit Funds

Archived News Release — Caution: Information may be out of date.

Cleveland, Ohio - The U.S. Department of Labor has obtained a settlement permanently barring Harold Hopkins and Linda Hopkins, Hudson, Ohio, former trustees of the Vista Financial Group Inc. 401(k) Plan, from serving as fiduciaries to employee benefit plans governed by the Employee Retirement Income Security Act.

“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 settlement resolves a lawsuit filed by the Labor Department alleging that the business owners failed to properly administer the 401(k) plan and manage its assets totaling $120,285 from December 31, 2003 through September 24, 2004. The consent judgment appoints an independent fiduciary to reconcile participant account balances for the period in question and distribute them to each participant. The Hopkins will pay the fees for this service.

The suit resulted from an investigation conducted by EBSA’s Cincinnati regional office. 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. In fiscal year 2005, EBSA achieved monetary results of $1.7 billion related to pension, 401(k), health and other benefits for millions of American workers and their families.

Chao v. Hopkins
Civil Action No. 5:06cv177

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Archived News Release — Caution: Information may be out of date.

Contact Name: Brad Mitchell
Phone Number: 312.353.6976