Archived News Release — Caution: Information may be out of date.
Philadelphia, Pennsylvania - The U.S. Department has obtained a settlement permanently barring Austin James Associates, Inc. (AJA) and its president, Curtis M. Herman from serving as fiduciaries to employee benefit plans governed by the Employment Retirement Income Security Inc.
“The department will take action when plan fiduciaries fail to protect the retirement plan assets they hold on behalf of participants,” said Mabel Capolongo, director of the department’s Philadelphia regional office of the Employee Benefits Security Administration (EBSA).
The settlement resolves a lawsuit filed by the Labor Department in March 2006 alleging that the company failed to timely remit employee contributions to its 401(k) retirement savings plan. The consent judgment removes Herman and AJA as plan fiduciaries and appoints an independent fiduciary to manage the plan.
The suit resulted from an investigation conducted by EBSA’s Philadelphia regional office. Employers and workers can reach the Philadelphia office at 215.861.5300 or through EBSA’s toll-free number, 1.866.444.EBSA (3272), for help with problems relating to private-sector retirement and health plans. 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 families.
(Chao v. Curtis M. Herman, et. al.) Civil Action No. 3:06-cv-512 U.S. Department of Labor news releases are accessible on the Department's Newsroom page. The information in this news release will be made available in alternate format upon request (large print, Braille, audio tape or disc) from the COAST office. Please specify which news release when placing your request at 202.693.7765 or TTY 202.693.7755. The U.S. Department of Labor is committed to providing America's employers and employees with easy access to understandable information on how to comply with its laws and regulations. For more information, please visit the Department's Compliance Assistance page.
Archived News Release — Caution: Information may be out of date.
Contact Name: Kate Dugan Phone Number: 215.861.5101
