Labor Department Secures $45,000 Settlement Over 401(k) Handling

The president of a Cincinnati engineering firm agreed to move more than $45,000 from his 401(k) account to the accounts of his workers to settle US Labor Department allegations that he mismanaged the plan.

The department said Infrastructure & Development Engineering Inc. and its president and sole owner failed to promptly send employee 401(k) contributions to the plan, failed to file mandatory annual reports, and paid for plan investment advice services that they never utilized.

• The proposed deal, submitted for court approval Tuesday, would settle a Labor Department lawsuit filed the same day in the US District Court for ...