D-200 clears retirement plan contractor of liability
WOODSTOCK – District 200 has cleared its former retirement account administrator of liability for small errors the firm made before being dropped by the district after less than a year of service.
The district in December 2008 hired Gatekeeper Administration and Consulting LLC to ensure its 403(b) tax-deferred retirement savings accounts were in compliance with federal regulations. But Gatekeeper was unable to fulfill the terms of the contract, the district said, and was replaced in September 2009.
Several other districts – excluding District 200 – have since filed a class-action lawsuit against Gatekeeper alleging that the firm kept poor records and failed to send funds employees were entitled to. In District 200, Gatekeeper sent all appropriate funds to service providers but in some cases made payments late, costing district employees small amounts of interest, the district said.
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