U.S. Labor Department Sues Ohio Doctor to Restore Funds to Employee’s Retirement Plan

Archived News Release — Caution: Information may be out of date.

Sandusky, Ohio - The U.S. Department of Labor has sued a Sandusky, Ohio doctor for improperly transferring more than $72,000 in retirement assets to other accounts, including $55,864 in assets transferred to himself.

“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 R. Menez, director of the department’s Cincinnati regional office of the Employee Benefits Security Administration (EBSA).

The lawsuit alleges that James B. Sauers violated the Employee Retirement Income Security Act (ERISA) when he transferred $16,978 from the James B. Sauers, M.D. Inc. Employees Pension Trust to the James B. Sauers, M.D. Inc. Profit Sharing Plan, and made transfers from the pension trust of $46,507 and $9,357 to himself. Sauers is a trustee and fiduciary of the pension trust, an employee benefit plan covered by ERISA.

The suit seeks to require that Sauers restore any losses to the plan resulting from his fiduciary breaches, permanently enjoin him from serving as a fiduciary on ERISA covered plans, and to correct any prohibited transactions. The suit also asks that the court appoint an independent fiduciary to oversee the plan in the future.

The suit, filed in federal district court in Cleveland, 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.

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. Sauers)
Civil Action No. 1:06-cv-03110

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Archived News Release — Caution: Information may be out of date.