In Perez v. Orsuto (docket number: 1:13-cv-04959-JBS-KMW), filed in the United States District Court for the District of New Jersey, the DOL alleges that there are missing employee contributions to the 800 West Salon retirement savings plan. An investigation by the DOL’s Employee Benefits Security Administration (EBSA) found that from 2007 through 2009, 800 West Salon Inc. of Marlton, New Jersey, and its principal Raymond Orsuto failed to ensure employee contributions and loan repayments approximating $38,080.94 were remitted to the plan.
In addition, of those employee contributions that were remitted, some were remitted up to 145 days after they were deducted from the participants’ compensation, causing lost earnings to be due to the plan. As a result, on August 16, 2013, the DOL filed their suit seeking restoration of unremitted employee contributions and interest costs to the plan.
The suit is also seeking to enjoin Orsuto and the company from serving as fiduciaries or service providers to any Employee Retirement Income Security Act (ERISA) covered plan and from violating provisions of Title I of ERISA, and the appointment of an independent fiduciary to administer the plan, marshal assets and make distributions to plan participants. Finally, the complaint seeks an order that Orsuto and the company provide all books, documents and records relating to the financial administration of the plan and company.
The full text of the complaint can be found here.
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