US Department of Labor files suit requiring a fiduciary to restore employee contributions to AMI Associates Group Inc. 401(k) Plan in Lyons, Illinois

Date of Action: Dec. 30, 2015

Type of Action: Filing of a Complaint

Names of Defendant: Earl Kaminski, AMI Associates Group Inc. 401(k) Plan

Allegations: From Oct. 1, 2008, to the present, Earl Kaminski was president and sole owner of AMI Associates Group Inc., and exercised authority and control over the management or disposition of the assets of the company's 401(k) plan.

The department alleges that from Jan. 1, 2010, to Dec. 31, 2013, Kaminski failed to remit a total of $7,374 in salary deferrals to the plan, in violation of the Employee Retirement Income Security Act.

On Nov. 14, 2013, a public auction was held to sell AMI's assets. On March 14, 2014, AMI was involuntarily dissolved by the State of Illinois.

Resolution: The complaint seeks an order to require Kaminski to make good to the plan all losses, including lost opportunity costs. It also requests that Kaminski be removed as a fiduciary to the plan, and that the court appoint an independent fiduciary to terminate the plan and distribute the plan's assets to participants and beneficiaries. Finally, the complaint seeks to have Kaminski pay the independent fiduciary costs and fees associated with distributing the plan's assets.

Court: United States District Court, Northern District of Illinois, Eastern Division

Docket Number: 1:15-cv-11816

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