U.S. Labor Department obtains consent judgment restoring more than $102,000 to Maitland, Florida, 401(k) plan

Archived News Release — Caution: Information may be out of date.

Atlanta - The U.S. Department of Labor has obtained a consent judgment requiring Maitland, Florida-based IMDC Inc. and Gregory S. Mundy, fiduciary of the company’s 401(k) profit sharing plan, to restore more than $102,000 to the plan, resolving a lawsuit alleging violations of the Employee Retirement Income Security Act.

“This action demonstrates the Labor Department’s commitment to protecting the hard-earned benefits of American workers,” said Bradford P. Campbell, acting assistant secretary of the department’s Employee Benefits Security Administration (EBSA).

The department sued the defendants in federal district court in Orlando for failing to remit employee contributions and loan repayments to the plan starting in January 2000. The department also alleged that the defendants illegally used plan assets to pay company obligations.

IMDC is a civil engineering firm doing business in Orlando, Florida, and Birmingham, Alabama. The consent judgment requires the defendants to restore $86,309 in plan losses and $16,213 in interest. Funds are to be distributed to current and former plan participants and beneficiaries.

This case resulted from an investigation conducted by the EBSA’s Atlanta Regional Office. In fiscal year 2006, EBSA achieved monetary results of $1.4 billion related to pension, 401(k), health and other benefits for millions of American workers and their families. Employers and workers can contact EBSA’s Atlanta office at 404.562.2156 or via EBSA’s toll free number, 1.866.444.EBSA (3272), for help with problems relating to private sector pension and health plans.

Chao v. IMDC Inc.
Civil Action No. 6-06-CV-1199-PCF-JGG

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Archived News Release — Caution: Information may be out of date.