US - Former Rycenga Homes trustee and president Ronald Retsema has been ordered to pay more than US$1.1m into the company's 401(k) plan and been barred from serving as a fiduciary to employee benefit plans.
The judgement stems from a lawsuit filed by the Department of Labor (DoL) that alleged Retsema violated the Employee Retirement Income Security Act between August 1992 and May 2004 by transferring more than $2.5m from the 401(k) plan to the business and failing to remit contributions deducted from employees’ paychecks to the plan.
The DoL found that over $1m in assets and lost earnings had not been restored to the pension plan, and, in a separate bankruptcy action, the court ordered Retsema to pay any debts owed to the 401(k).
US Labor Secretary Elaine Chao [pictured] said Retsema had “robber” workers of their retirement security, and added: “Our legal action seeks to recover these workers’ 401(k) funds and prevent the plan trustee from occupying such positions of trust again.”
By Damian Clarkson
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