US Labor Department files complaint to restore more than $47,000 to Industrial Surfacing Corp. 401(k) Plan in Urbana, Ill.

Date of Action: Sept. 17, 2013

Type of Action: Complaint

Names of Defendants: Rodger D. Ferguson, Industrial Surfacing Corp., Industrial Surfacing Corp. 401(k) Plan

Allegations: Roger D. Ferguson and Industrial Surfacing Corp. in their capacities as fiduciaries to the Industrial Surfacing Corp. 401(k) Plan, failed to forward $47,636.44 in employee pre-tax contributions to the plan from May 28, 2010, to April 8, 2011. The monies were retained in the company’s general operating funds. Ferguson was the president of Industrial Surfacing Corp. and sole trustee of the Industrial Surfacing Corp. 401(k) Plan.

The complaint seeks to order Ferguson to restore to the plan all losses, including lost opportunity costs, resulting from the fiduciary breaches for which he is liable and correct the prohibited transactions. The company and Ferguson should also be immediately removed as fiduciaries of the plan and permanently enjoined from serving as fiduciaries or service providers to any employee benefit plan subject to the Employee Retirement Income Security Act. The suit also requests that an independent fiduciary be appointed to administer and terminate the plan as well and distribute its assets to participants and beneficiaries.

As of Dec. 31, 2013, the plan had three participants and $17,899.60 in assets. 

Urbana-based Industrial Surfacing Corp. ceased operations in 2011 and was dissolved on Oct. 12, 2012.

Court: United States District Court for the Central District of Illinois

Docket Number: 2:13-cv-02201

Employers and workers can reach Employee Benefits Security Administration toll-free at 866-444-3272 for help with problems related to private sector retirement and health plans. Additional information can be found at www.dol.gov/ebsa.

U.S. Department of Labor materials are accessible at www.dol.gov.  The information above is available in large print, Braille, audio tape or disc from the COAST office upon request by calling 202-693-7828 or TTY 202-693-7755.