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Release Date: 11/18/2004
Release Number: 04-2366-PHI
Contact Name: Gloria Della
Phone Number: 202.693.8664
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Greenbelt, Maryland - The U.S. Department of
Labor has obtained a consent judgment appointing J. M. Pension Advisory to
manage and terminate the 401(k) plan of C. Price & Associates Inc. of
Upper Marlboro, Maryland. |
The
judgment also removes Curtis J. Price, Jr. and C. Price & Associates
as fiduciaries of the plan, and permanently bars them from acting as
fiduciaries to any plan governed by the Employee Retirement Income
Security Act (ERISA) in the future. |
“Those
who hold positions of trust for employee benefit plans must act in the
best interest of the plan and its participants,” said Mabel Capolongo,
regional director of the Employee Benefits Security Administration’s (EBSA)
Philadelphia regional office. “The department’s legal action sends a
clear message that we will vigorously enforce the law against those who
breach their fiduciary duties under the law.” |
On
June 4, 2004, the department sued Price and his corporation for allegedly
failing to ensure that required employer contributions were made to the
plan from April 2000 through May 2001. The defendants failed to collect
the contributions owed to the 401(k) plan. The plan required the employer
to make contributions under the prevailing wage contracts with the
government. |
C. Price & Associates provided weather reporting
services throughout the United States under contracts with the federal
government. As of June 2003, the plan covered 14 participants and had over
$22,000 in assets. |
In
fiscal year 2004, EBSA achieved record monetary results of $3.1 billion
related to the pension, 401(k), health and other benefits of millions of
American workers and their families. The judgment, entered in federal
district court in Greenbelt, Maryland, resulted from an investigation
conducted by EBSA’s Washington district office. Employers and workers
can reach EBSA’s office at 301.713.2000 or through its toll-free number,
1.866.444.EBSA (3272), for help with problems relating to private-sector
retirement and health plans. |
(Chao
v. Price)
Civil Action No. 04-1693 |
U.S. Department of Labor news releases are accessible on the Internet. The information in this news
release will be made available in alternate format upon request (large
print, Braille, audio tape or disc) from the Central Office for Assistive
Services and Technology. Please specify which news release when placing
your request. Call 202.693.7773 or TTY 202.693.7755. |