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VB company must restore 401(k) funds
Updated: Monday, 14 Jan 2013, 11:03 AM EST
Published : Monday, 14 Jan 2013, 11:03 AM EST
VIRGINIA BEACH, Va. (WAVY) - A Virginia Beach company has been ordered to restore more than $77,000 to its 401(k) plan and pay a civil penalty of more than $15,000.
The U.S. Department of Labor announced the consent judgment against Cardservice of Virginia Inc. on Monday.
The department had sued the company earlier this month in federal court. The lawsuit alleged that Cardservice and its president and owner, Richard Yanek, failed to put employee contributions into the plan from Jan. 1, 2007, through April 30, 2011.
The lawsuit also claimed that some employee contributions were remitted to the plan late without interest. Also, the plan's assets weren't segregated from the company's general assets.
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