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Release Date: 06/24/2002
Release Number: 250
Contact Name: Rita Ford
Phone Number: 202.693.8671
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Cincinnati, Ohio - The U.S. Department of Labor has sued Peter
Slyman, the
fiduciary of the health benefit and 401(k) plans for WagnerWare Corporation in
Dayton, Ohio, for failing to deposit money that was withheld from employees’
paychecks as contributions to the plans and for failing to obtain a fidelity
bond. |
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“This action demonstrates our commitment to protect the benefits of
American workers,” said Joseph Menez, director of the Pension and Welfare
Benefits Administration’s Cincinnati regional office. |
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The suit, filed June 14, alleges that Slyman violated the Employee Retirement
Income Security Act (ERISA) by failing to forward to the plan money withheld
from the paychecks of employees as contributions to the health benefit and
401(k) plans from April through July 1999. The suit also alleges the
defendant retained the plan contributions in the general assets of Wagner
Manufacturing Company, where it was used to meet the company’s operating
expenses, and did not secure adequate fidelity bonds for plan years 1998 and
1999. |
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The suit seeks to have the defendant restore all losses resulting from his
fiduciary breaches to the plans, to correct the prohibited transactions in which
he engaged, to disgorge any profits made from those transactions, and to pay the
appropriate interest. |
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WagnerWare Corporation, which operated as Wagner Manufacturing Company,
sponsored the health benefit and 401(k) plans for 98 employees. The
company ceased doing business in July 1999. |
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The suit, filed in the federal district court in Dayton, Ohio, was
investigated by the Cincinnati regional office of PWBA. Employers
and workers can contact the regional office at 859.578.4680 or PWBA’s
Toll-Free Employee & Employer Hotline number, 1.866.275.7922, for help with
problems relating to private-sector pension and health plans. |
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(Chao v. Slyman et al
Civil Action No. C 3-02-273) |
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U.S. Department of Labor
news releases are accessible on the Internet. The information in this news
release will be made available in alternate format upon request (large
print, Braille, audio tape or disc) from the Central Office for Assistive
Services and Technology. Please specify which news release when placing
your request. Call 202.693.7773 or TTY 202.693.7775. |
