U.S. Labor Department secures 401(k) plan assets for J&L Electronic Service Inc. employees in Chicago suburb

Frankfort, Illinois – A federal district court in Chicago has granted a consent judgment to the U.S. Department of Labor barring John Patrizi, owner of J&L Electronic Service Inc. at 633 Johnson Ave. in Frankfort, from serving as a fiduciary for any retirement plan covered by the Employee Retirement Income Security Act (ERISA), and appointing an independent fiduciary to oversee the company’s 401(k) plan.

The court action resolves the department’s lawsuit against the company and plan trustee Patrizi for allegedly failing to remit employee contributions deducted from workers’ paychecks to the 401(k) plan in violation of ERISA. Patrizi has paid $32,114 in un-remitted plan contributions and participant loan repayments since Sept. 30, 2008.

“The hardworking men and women of J&L Electronic Service relied on the plan’s trustee to protect their retirement benefits,” said Steve Haugen, regional director of the department’s Chicago Regional Office of its Employee Benefits Security Administration (EBSA). “Our legal action sends a clear message that plan fiduciaries will be held accountable when they fail to protect the retirement plan assets of participants.”

The suit resulted from an investigation conducted by EBSA’s Chicago Regional Office. Employers and workers can reach that office at 312.353.0900 or toll-free at 866.444.3272 for help with problems relating to private sector retirement and health plans. In fiscal year 2008, EBSA achieved monetary results of $1.2 billion related to pension, 401(k), health and other benefits for millions of American workers and their families.

Solis v. J&L Electronic Service
Civil Action Number: 08-cv-6638

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