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DOL Home > OALJ > ERISA > USDOL v. Liberty Bank, 96-RIS-15 (ALJ Aug. 13, 1996)
USDOL/OALJ Reporter
USDOL v. Liberty Bank, 96-RIS-15 (ALJ Aug. 13, 1996)
U.S. Department of Labor
Office of Administrative Law Judges
800 K Street, NW
Washington, DC 20001-8002 Date Issued: August 13, 1996
Case No.: 96-RIS-15
In the Matter of:
UNITED STATES DEPARTMENT OF LABOR,
PENSION AND WELFARE BENEFITS
ADMINISTRATION,
Complainant
v.
LIBERTY BANK,
Respondent
Before: JOHN M. VITTONE
Chief Judge
DECISION AND ORDER This case arises under Section 502(c)(2), 29 U.S.C. §§ 1132, 1135 of the Employee Retirement Income Security Act of 1974 (ERISA), as amended, 29 U.S.C § 1100 et seq. and the Secretary's Order 1-87, 52 Fed. Reg. 13,139, and the regulations thereunder at 29 C.F.R. Parts 2560 and 2570.
By notice dated October 2, 1995, the Pension and Welfare Benefits Administration, U.S. Department of Labor (DOL), notified Liberty Bank (Respondent) of a civil money penalty ($53,650) against it for violations of ERISA. DOL alleged that Respondent failed to file a satisfactory Form 5500 of its 1992 401(k) Profit Sharing Plan Annual Report as required by ERISA. On October 24, 1995, Respondent requested a hearing before this Office.
Pursuant to 29 C.F.R. § 2570.65, DOL and Respondent have negotiated a settlement of all disputed claims regarding Respondent's 401(k) Profit Sharing Plan Annual Report for 1992. On July 22, 1996, the DOL and Respondent have submitted an executed Stipulation for Dismissal and Order. The parties request review of the agreement and an order disposing of this proceeding. DOL has agreed to amend the total civil money penalty by reducing the assessment to $8,650. Respondent has paid the amended civil money penalty.
Upon review of the record, the Stipulation for Dismissal and Order is APPROVED. This agreement constitutes full and final resolution of this matter. It is ORDERED that:
1) this Order shall have the same force and effect as an order made after a full hearing; 2) the entire record upon which this Order is based shall consist solely of the Notice of Determination and this Stipulation and Order; 3) any further procedural steps before this Office are waived; 4) any rights to challenge or contest the validity of this Order entered in accordance with this Stipulation and Order are waived; and 5) this Decision and Order shall be final agency action.
It is further ORDERED that this matter be DISMISSED.
JOHN M. VITTONE
Chief Judge
Washington, DC
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