Charlotte, North Carolina, Norcom Development restores more than $85,000 to profit-sharing plan following U.S. Labor Department investigation

Archived News Release — Caution: Information may be out of date.

Atlanta – Norcom Development Inc. and its president, Thomas A. Norman, have restored $85,206 owed to the company’s 401(k) profit-sharing plan under a consent order obtained by the U.S. Department of Labor.

According to the order entered by the U.S. District Court for the Western District of North Carolina, the defendants restored $69,115 in employee and employer contributions, plus $16,091 interest on those funds, to the plan.

“The Labor Department is pleased to have successfully restored the full amount due to employees,” said Howard Marsh, director of the Atlanta Regional Office of the department’s Employee Benefits Security Administration (EBSA).

Located in Charlotte, North Carolina, Norcom Development is a commercial real estate development company. Its 401(k) plan covered five participants and held approximately $122,600 in assets as of January 2006, the latest data available.

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 reach EBSA’s Atlanta Regional Office at 404.302.3900 or toll-free at 1.866.444.EBSA (3272) for help with problems relating to private sector retirement and health plans.

Chao v. Norcom Development Inc.
Civil Action File Number 3:07-cv-90-K

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Archived News Release — Caution: Information may be out of date.