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Release Date: April 14, 2008
Release Number: 08-497-CHI
Contact Name: Brad Mitchell
Phone Number: 312.353.6976
Troy, Michigan – The U.S. Department of
Labor has obtained a judgment in federal district court in Detroit
ordering the appointment of an independent fiduciary to terminate the
401(k) plan of Troy-based Q.E.D. Inc. and distribute its assets to
participants.
“The department will act when plan fiduciaries fail
to carry out their duty to protect the retirement plan assets held on
behalf of participants,” said Joseph Menez, director of the department’s
Cincinnati Regional Office of the Employee Benefits Security
Administration (EBSA).
The court action resolves a lawsuit filed by the
Labor Department, which alleged that plan administrators failed to take
responsibility for terminating the plan and distributing its assets to
beneficiaries and participants when the company ceased doing business.
The plan had eight participants with account balances
totaling $144,750 in assets as of the end of 2007.
The suit resulted from an investigation conducted by
EBSA’s Cincinnati Regional Office. Employers and workers can reach the
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. Q.E.D. Inc.
Civil Action Number 2:07-cv-14079
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