US Department of Labor files suit against Minnesota IT company for not remitting employee’s retirement plan contributions

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Summary:

The Employee Benefits Security Administration (EBSA) filed a lawsuit against Virtual Matrix Corp. and its CEO, Suman Thotakura, on August 30, 2023. The lawsuit alleges that the company failed to remit $45,972 in employee voluntary salary contributions and $759 in participant loan repayments to the Virtual Matrix 401(k) Profit Sharing Plan from April 1, 2021 to October 31, 2022, violating the Employee Retirement Income Security Act (ERISA). The complaint seeks to make the plan whole and permanently ban the company and its CEO from serving as fiduciaries or acting as service providers to any other ERISA-covered employee benefit plan.