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Independent Import Services Inc.

Washington, DC: (Jun-14-07) The US Department of Labor filed charges against Independent Import Services Inc., an automotive repair company with shops in Phoenix and Tempe, and its 401(k) trustee, alleging that they were responsible for delinquent contributions and loans. The department filed suit in 2006 against company owner Lee Morris and the company for alleged failure to forward $31,923 in contributions withheld from employees' paychecks to the plan from October 2001 to December 2003. In addition, the suit alleged the defendants failed to collect delinquent loans and lost earnings on contributions owed to the 401(k) plan.

In a settlement reached, Independent Import Services agreed to pay $50,306 to resolve allegations. The judgment, entered in the US District Court for the District of Arizona, removes company owner Lee Morris as trustee and calls for an offset from his 401(k) account to repay money owed to the plan. An independent trustee now has authority to terminate the plan and distribute $106,823 in assets to the 16 eligible participants. [WASHINGTON BUSINESS JOURNAL: 401K CONTRIBUTIONS]


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Published on Jun-16-07


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