Selecting an attorney for legal cases is a very important decision. Please enter your information below to receive a Free Consultation from an attorney in your area:
Florida 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.
Newsroom
News about Asset Protection cases in Florida and nationwide:
iJET Debuts Worldcue®
Annapolis, Maryland - March 14, 2006 - iJET announced today at the ASIS International Emerging Trends in Security conference the general avail... Read more >
Definition:
The person who receives the benefits or gifts from an estate, insurance policy, IRA, pension plan, or trust.
Bonds
Definition:
Essentially loans or debt. When someone lends you money, he or she gets an IOU that promises the loan will be repaid with interest. When you buy a bond, you're basically buying that IOU. A bond certificate is like an IOU: it shows the amount loaned (principal), the rate of interest to be paid on the loan and the date that the principal will be paid back (maturity date). Bonds can be issued by government agencies, such as the U.S. Treasury and by corporations to raise money.
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.
Legal Disclaimers All attorney listings are a paid attorney advertisement, and do not in any way constitute a referral or endorsement by an approved or authorized lawyer referral service. The information provided on Florida Asset Protection Lawyers.com is not intended to be legal advice, but merely conveys
general information related to legal issues commonly encountered. Your access
to and use of this website is subject to additional Terms
and Conditions.
Local Professional? Generate new business today
Call 866-227-9356 or contact a sales rep
Did You Know?