Former St. Charles Nissan dealership owner must restore more than $13K in worker retirement contributions

Fred Vargason has agreed to withdraw $13,772 from his personal retirement account to repay the money missing from employees' individual retirement accounts, according to a federal consent order and judgment entered Monday in the Northern District of Illinois.

The Employee Retirement Income Security Act of 1974 is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to protect individuals in these plans. by signing up you agree to our terms of service The amount represents $13,071 in employee contributions that were not forwarded to the plan and $651 in lost opportunity costs for Nissan of St. Charles employees who made voluntary contributions from their pay from Jan. 1 through Jan. 31, 2019.

The judgment also prohibited Vargason and the company from future violations and barred them from serving as fiduciaries or service providers to any ERISA-covered employee benefit plan in the future.

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