News Release

Printer Friendly Version

Release Date: September 4, 2008
Release Number: 08-1168-CHI
Contact Name: Brad Mitchell or Scott Allen
Phone Number: 312.353.6976

U.S. Labor Department obtains default judgment against Fishers, Indiana business leading to recovery of 401(k) profit-sharing funds

Fishers, Indiana – The U.S. Department of Labor has obtained a default judgment against defunct Technengineering Services Inc. to appoint an independent fiduciary to manage and terminate the company’s 401(k) profit-sharing plan and distribute $20,599 in assets to eligible participants and beneficiaries.

“Workers and their families counted on these benefit plans to help fund their retirement,” said acting Regional Director Paul Baumann of the Employee Benefits Services Administration’s (EBSA) Cincinnati Regional Office, which investigated this case. “The department will take whatever steps are necessary to recover retirement funds for America’s working people.”

The department’s lawsuit resolved by this judgment alleged that, as plan administrator, the company failed to take responsibility for terminating the 401(k) profit-sharing plan and distributing the assets to participants and beneficiaries after the company ceased operations.

The suit was filed in the U.S. District Court for the Southern District of Indiana. Employers and workers can reach EBSA’s Cincinnati Regional Office at 859.578.4680 or toll-free at 866.444.3272 for help with problems relating to private sector retirement and health plans. In fiscal year 2007, EBSA achieved monetary results of $1.5 billion related to pension, 401(k), health and other benefits for millions of American workers and their families.

Chao v. Technengineering
Civil Action Number 1:08-cv-0709

U.S. Department of Labor news releases are accessible on the Department's Newsroom page. The information in this news release will be made available in alternate format (large print, Braille, audio tape or disc) from the COAST office upon request. Please specify which news release when placing your request at 202.693.7828 or TTY 202.693.7755. The Labor Department is committed to providing America's employers and employees with easy access to understandable information on how to comply with its laws and regulations. For more information, please visit the Department's Compliance Assistance page.