The U.S. Department of Labor’sSecurity Administration has charged Keares Electrical Contracting in Exton with failing to make required contributions to the company’s 401(k) retirement plan. According to the complaint filed in federal court, the company withheld employee contributions totaling $33,411 and employee loan repayments of $9,311 between 2012 and 2014, resulting in lost earnings of $4,128.
Additionally, the DOL alleges the company failed to make prevailing wage contributions to the plan totaling $111,403 over the same period, leading to lost earnings of $7,766.
The suit seeks restitution, as well as a requirement for the company’s president to be relieved of his fiduciary responsibilities. It also seeks appointment of an independent fiduciary for the plan.