Compliance January 25, 2019

Failure to Remit Contributions Cost Retirement Plan Fiduciaries Over $500,000

In addition, a federal district court has ordered the trustee of the plans not to serve in a fiduciary capacity to any Employee Retirement Income Security Act (ERISA) employee benefit plan.

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The U.S. District Court for the Southern District of Florida entered a consent judgment and order between the Department of Labor (DOL) and Kevin F. Kirkeide, a former chief financial officer for IOTC Financial Services LLC and Global Oil Financial Services LLC permanently enjoining him from violating the provisions of Title I of the Employee Retirement Income Security Act (ERISA) and from acting as a fiduciary, trustee, agent or representative in any capacity to any employee benefit plan as defined by ERISA.

The DOL’s Employee Benefits Security Administration (EBSA) determined that from January 2011 through December 2014, Kirkeide—serving as a trustee and fiduciary to the IOTC Financial Services LLC 401(k) Profit Sharing Plan and the Global Oil Financial Services LLC 401(k) Profit Sharing Plan—worked with IOTC and Global Oil owner Harry Sargeant to withhold tens of thousands of dollars from employees’ paychecks, but did not forward these employee contributions to the plans, or did not forward them in a timely manner. Kirkeide and Sargeant also failed to collect and remit required employer contributions to the plans.

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The complaint also alleged both individuals failed to administer the plans, leaving participants unable to gain information about their funds or gain access to their plan accounts.

Sargeant has agreed not to violate Title I of ERISA, and not to serve as a fiduciary to any employee benefit plan as defined by ERISA in the future. In addition, Kirkeide and Sargeant have paid $538,248 in restitution to the plans’ affected participants, which includes delinquent and unremitted employee and employer contributions from January 2011 through December 2014 and associated lost earnings. Both individuals agreed to terminate the plans using AMI Benefit Administrators Inc. as a successor fiduciary.
Break from the Grind January 24, 2019

A Little Friday File Fun

And now it's time for FRIDAY FILES!
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In Round Lake Park, Illinois, employees at an elementary school told the Lake County News-Sun they saw a young girl pull up to the school drop off zone driving a car. The girl, 11-years-old, and another, 9-years-old, who was in the back seat, got out of the car. Then, a grown man moved into the driver’s seat and drove away. The man is wanted on two counts of child endangerment and driving with a suspended license.

 

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In Madison, Wisconsin, a man took an axe and destroyed the family car, as well as a television and laptop in the house. According to the Associated Press, he was retaliating because he thought his wife had damaged his action figures. The man called police himself and told them he overreacted (you think?). He was arrested and faces charges of disorderly conduct and felony damage to property.

 

In Kutztown, Pennsylvania, police got more than they bargained for when they asked for the public’s help with some officer training. On Facebook, the police department asked for 3 volunteers to drink hard liquor to the point of inebriation so officers could be trained how to administer field sobriety tests during traffic stops. The Facebook post accumulated hundreds of responses and more than 1,000 shares in less than a day, the Associated Press reports.

 

In Falmouth, Maine, an inebriated man tried to get a Lyft home. However, the Lyft driver was actually ordered by his next door neighbor, so when the man arrived, he tried to get into the wrong house. Police were called, and the man was taken to jail to sober up. The neighbor did not press charges.
Cat pets bird.

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“Healthy” foods that are not so healthy.

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I’d say one driver should have parked a little closer to the curb.

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