A Waterbury ventilation-plumbing contractor has agreed to restore nearly four years of matching savings now worth $12,729 to its employees’ retirement plans, federal authorities said Tuesday.
TEC Corp. withheld the money from workers’ paychecks but failed to timely forward the funds to the sponsor of the employees’ retirement plans, the U.S. Department of Labor said.
TEC’s lapses in forwarding the funds covered from January 2004 to March 2007, and between April 2007 and March 2008.
The company agreed to a consent order filed in Connecticut federal court to restore the funds in three monthly installments. The $12,729 represents principal and lost earnings, the federal labor agency said.
A call to TEC Tuesday seeking comment was not immediately returned. Â
