Technology Company to Pay $575,000 to 401(k) Plan Participants

A Louisville, Ky., technology services provider has been ordered to restore $575,000 to 401(k) plan participants whose funds were depleted by the misuse of forfeiture funds, the Labor Department announced Thursday.

Between 2012 and 2015, Sypris Solutions Inc.'s 401(k) governing documents required the company to use forfeiture funds to pay plan expenses. Instead, however, the company used the forfeiture funds to reduce employer contributions to the plans.

According to the agency, Sypris Solutions and the plan will attempt to locate harmed participants who are no longer in the plan but are owed $250 or more, and pay $57,500 in ...