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Oregon Asset Protection News
Labor Department Resolves Pension Law Violations To Protect Assets Of Minnesota 401(k) Plan
Minneapolis, Minnesota - The U.S. Department of Labor has obtained a consent order resolving violations of the Employee Retirement Income Security Act (ERISA) related to delinquent employee contributions and loan repayments to the Granse & Associates Inc. 401(k) profit sharing plan in Lakeville, Minnesota. After the department sued the company and plan trustees, the defendants restored $182,126.85 to the plan.
The department’s lawsuit alleged that Gordon E. Granse and Wayne A. Nelson violated ERISA by failing to timely remit employee contributions owed to the plan for intermittent periods from April 2003 through April 2005. The money was used for operating expenses and remained commingled with the company’s general assets.
Granse & Associates, a Minnesota corporation, sells and markets plumbing fixtures throughout the north central United States. As of February 2005, there were 288 participants in the 401(k) plan and over $1 million in assets.
“The department is committed to doing everything we can to ensure that plan participants receive the money owed to them,” said Steven Eischen, director of the Kansas City regional office of the Employee Benefits Security Administration (EBSA), which investigated the case.
Employers with similar problems who are not yet the subject of an investigation by EBSA may be eligible to participate in the department’s Voluntary Fiduciary Correction Program (VFCP). Participation in the program requires employers to correct any violations of the retirement law but allows them to avoid EBSA enforcement actions and civil penalties as well as any applicable excise taxes.
In fiscal year 2005, EBSA achieved monetary results of $1.7 billion related to pension, 401(k), health and other benefits for millions of American workers and their families.
Asset protection can help when disaster strikes
Asset Protection: More coverage generally means you will have less to pay out of your own pocket if disaster strikes. You must determine the amount you can financially afford to lose. Depending upon your determination, more insurance may be the answer. You need enough liability coverage to protect yourself from lawsuits resulting from your possible negligence.
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iJET Debuts Worldcue®
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Definition:
There is a thriving industry of offshore practitioners advising U.S. citizens to set up offshore bank accounts.
Casualty Insurance
Definition:
Casualty Insurance coverage is primarily for the legal liability of an individual or organization that results from negligent acts and omissions causing bodily injury and/or property damage to a third party. However, the term is broad and includes such property insurance as aviation insurance, boiler and machinery insurance, glass insurance and crime insurance.
Tax-deferred earnings (investments)
Definition:
Earnings on which taxes are not paid until a future date, usually when funds are withdrawn. The TSP and traditional IRAs are examples of vehicles that offer tax-deferred earnings.
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