Continuing our weekly series of looking into DOL enforcement actions, it appears that the agency has netted a big fish this time: "U.S. Labor Department obtains court approval of settlement restoring $2.2 million to Delphi Corp. retirement plan."
"The U.S. Department of Labor and Troy, Mich.-based Delphi Corp. have obtained approval of settlement by the U.S. bankruptcy court in New York that allows the government to recover more than $2.2 million in retirement plan assets owed to the Delphi Personal Savings Plan for Hourly Employees in the United States."A little "Oops!"
The claim and settlement resulted from an investigation by the department's Employee Benefits Security Administration (EBSA) into improperly invested dividends the company failed to properly disclose or correct. Between 2000 and 2003, dividends were improperly invested in General Motors Corp. stock, rather than in an income fund as required by Delphi's savings plan.
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