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A federal court in Maryland ordered a defunct engineering company and its owner to pay $388,458 to restore missing contributions to the company plan.
Institutional Advisory debuts 401(k) pooled employer plan, with Transamerica Corp. the recordkeeper and Pentegra the pooled plan administrator.
After more than two decades, former employees of the California company will receive their retirement funds.
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A consent order and judgement was entered Monday in Federal Court so that $13,772 be will be withdrawn from the personal retirement account of former owner of Nissan of St. Charles, Fred Vargason, to make up the money missing from employees’ individual retirement accounts.
The former owner of Nissan of St. Charles, which is no longer in business, has agreed to pay nearly $14,000 in restitution to employees whose individual retirement accounts were improperly shorted salary deferral contributions, according to court records.