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Release Date: May 19, 2008
Release Number: 08-625-PHI (ebsa 08-078)
Contact Name: Alisha Brown
Phone Number: 215.861.5101
Columbia, Maryland – The U.S. Department of Labor has obtained a
consent judgment removing National Management Systems LLC of Columbia and its
owner, William Ray Miller II, as fiduciaries to the company’s pension plan,
and permanently barring them from serving as fiduciaries to any employee benefit
plan governed by the Employee Retirement Income Security Act (ERISA) in the
future.
“Fiduciaries have a responsibility to protect the interest of pension plan
participants by properly managing assets entrusted to them,” said Mabel
Capolongo, director of the Philadelphia Regional Office of the Labor Department’s
Employee Benefits Security Administration (EBSA).
The judgment resolves a department lawsuit alleging that, in 2004, Miller
violated ERISA when he transferred plan assets from the company’s plan account
to nontrust accounts, which he controlled and in which he had an interest.
Miller, who served as plan trustee and administrator, made restitution to the
plan before the suit was filed.
The consent judgment was entered in the U.S. District Court for the District
of Maryland. The court action resulted from an investigation conducted by EBSA.
Employers and workers needing help with problems related to private sector
retirement and health plans can reach the EBSA Washington District Office at
301.713.2000 or toll-free at 866.444.3272. 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. Information on
EBSA is available from the agency’s Web site at www.dol.gov/ebsa.
Chao v. William Ray Miller II
Civil Action Number 1:08-cv-1146
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