Date of Action: Oct. 25, 2016
Type of Action: Employee Retirement Income Security Act Lawsuit
Names of Defendants: Todd Olson, Dell Inc., Dell Inc. Simple IRA Plan
Allegations: An investigation by the U.S. Department of Labor’s Employee Benefits Security Administration found that fiduciaries to the Dell Inc. Simple IRA Plan violated the Employee Retirement Income Security Act. Todd Olson is Dell Inc.’s sole owner and president and served as fiduciary to the Dell Inc. Simple IRA Plan. Dell Inc. operated as Quality RV in Monticello, Minnesota.
Investigators found that Olson failed to remit $23,290 in employee contributions to the plan from June 29, 2010, to Sept. 30, 2014. Those funds were not forwarded to the retirement plan but retained in the company’s general assets and used for non-plan purposes in violation of ERISA.
Resolution: Pursuant to the Consent Order and Judgment, Olson restored the full loss amount to the plan with interest, totaling $32,617. Olson also agreed to be permanently enjoined from serving as a fiduciary or service provider to any ERISA-covered plans in the future.
Court: United States District Court for the District of Minnesota
Employers and workers can reach EBSA toll-free at 866-444-3272 for help with problems related to private sector retirement and health plans. Additional information can be found at https://www.dol.gov/agencies/ebsa.