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Release Date: September 22, 2008
Release Number: 08-1200-NEW (ebsa 08-169)
Contact Name: Leni Fortson
Phone Number: 215.861.5102
Wyckoff, N.J. — The U.S. Labor Department
has sued to obtain appointment of an independent fiduciary to oversee
the employee profit-sharing plan of Jules Prosnitz & Sons Inc.,
formerly doing business as “Prozy’s Army-Navy Store,” a defunct
company located in Wyckoff.
“We filed this case to protect the participants who
entrusted their savings to the trustees of the plan,” said Jonathan
Kay, regional administrator of the department’s Employee Benefits
Security Administration (EBSA) in New York.
The company ceased operations in February 2005. Since
that time, Jules Prosnitz & Sons has not taken fiduciary
responsibility for the operation and administration of the plan and its
assets; nor has it appointed anyone to assume that responsibility. As a
result, plan participants and beneficiaries have not been able to access
their individual account balances. It is believed that the plan has five
participants.
The complaint, filed in the U.S. District Court for
the District of New Jersey, seeks to appoint an independent fiduciary to
terminate the plan and distribute its assets to participants and
beneficiaries.
As of December 2007, the latest data available, the
plan had approximately $110,178 in assets.
The suit resulted from an investigation conducted by
EBSA’s regional office in New York. Employers and workers can contact
the office at 212.607.8600 or toll-free at 866.444.3272 for help with
problems relating to private sector pension and health plans.
In fiscal year 2007, EBSA achieved monetary results
$1.5 billion related to pension, 401(k), health and other benefits for
millions of American workers and their families. Additional information
can be found at www.dol.gov/ebsa.
Chao v. Prozy’s Employees Profit Sharing Plan
Docket Number: 08-cv-4616
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placing your request at 202.693.7828 or TTY 202.693.7755. The Labor Department is committed to providing America's employers and
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with its laws and regulations. For more information, please visit the
Department's Compliance
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