From Hugh Bailey, CT Post:
Fletcher Thompson, an architecture and engineering firm that recently moved into a showcase downtown Bridgeport headquarters, was ordered this month to restore $485,000 to its retirement savings plan after the federal government ruled it had stopped putting deferrals from employee paychecks into the plan.
The ruling, from the U.S. Department of Labor, requires Fletcher Thompson to return money to the plan in installments of no less than $40,463.40 per month for 12 months and ensure that plan participants receive the share to which they are entitled.
Full story here.
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Bridgeport is getting better every day for wealthy outsiders who are stealing their employees’ pension funds the employees actually contributed their own money into.
What’s Finch have to say now?
Maybe they shouldn’t have been siphoning off their pension funds to donate to the Finch campaign.
Andy–He’s going to return their campaign funds like he said he was going to do with Sal D money in 2008!
And donkeys fly.
Bridgeport is getting Bitter every day.
“Oh what a tangled web we weave, When first we practice to deceive!”–Sir Walter Scott.
This company has got to be facing serious financial difficulties to stoop so low as to do this.
Wow. What a steal this was! Getting Fletcher Thompson back in the ‘Port. And their employees like the company so much they lend it half a million dollars.
Way to go, City of Bridgeport. It doesn’t get much better than this!!!
They received an eight-year tax abatement whilst they were knowingly raiding their pension fund!
m.ctpost.com/news/article/Bridgeport-revels-in-Fletcher-Thompson-return-5987794.php
Interesting headline, Lennie. I would have liked something more to the point.
Like “New neighbor Fletcher Thompson acknowledges stealing a quarter of a million dollars from employees.”
The word “honor” has no place in this story.
Maybe Marcinek will be answering to His Honor.
Isn’t this where Bill and Brett break into the chorus of “Bridgeport’s Getting Better Every Day Every Way”?
Jim Fox maybe you can remind us of the words to that little ditty.
As Bailey reported, “the federal government ruled it had stopped putting deferrals from employee paychecks into the plan.” Whether it is employee deductions for taxes, Social Security contributions by employees, or employee deferral of current compensation to flow to a Qualified Plan, the government is very interested. So there is a Sheriff out there, in this case the US Department of Labor that has the architectural firm paying attention to their responsibilities once again.
It’s a black eye for the firm certainly and an indication white collar decisions break laws in the City the Police Department does not reach. I hope the funds are repaid according to the schedule so employees have more confidence in the security of their retirement program. There is reason for employees and retirees to attend to the functioning of their retirement plans by those in charge. Time will tell.