The managing partner of a dissolved law firm violated federal benefits law by keeping his employees’ 401(k) plan contributions in the firm’s general account, the U.S. Court of Appeals for the Third Circuit held (Sec. U.S. Dep’t of Labor v. Kwasny, 2017 BL 111556, 3d Cir., No. 16-1872, 4/5/17).
The Third Circuit on April 5 largely affirmed a court order requiring Richard J. Kwasny to restore more than $50,000 to the 401(k) plan of Kwasny & Reilly PC after the Department of Labor accused him of violating the Employee Retirement Income Security Act. However, the Third Circuit instructed ...
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