Associated Technical Training Services Inc., Seneca, S.C., today was ordered by the Department of Labor to restore $1.5 million to the company’s 401(k) plan, according to a DOL news release. The size of the fund could not be learned.
The Labor Department obtained the consent judgment in U.S. District Court. Under the judgment, the defendants agreed to restore $1,269,881 in losses plus $253,346 in lost interest. The judgment also bars the company and plan trustee Leslie M. Schile from serving as fiduciaries to any plan covered by ERISA. The Labor Department alleged that the plan’s fiduciaries caused losses through mismanagement and acts prohibited under ERISA by making imprudent investments and improper loans.
