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Release Date: April 13, 2006
Release Number: 06-654-PHI (EBSA 06-043)
Contact Name: Leni Uddyback-Fortson
Phone Number: 215.861.5102
Philadelphia, Pennsylvania - The U.S.
Department of Labor has obtained a federal court order appointing
Jacqueline Carmichael as independent fiduciary to replace IT Factory
Solution Inc. as administrator for the Solutions by Design money
purchase plan. Both entities are defunct Delaware corporations.
“Our legal action demonstrates the Department of
Labor’s commitment to protect worker retirement benefits,” said
Mabel Capolongo, Philadelphia regional director of the Labor Department’s
Employee Benefits Security Administration (EBSA).
IT Factory Solutions abandoned the plan when it
ceased operations in December 2001, leaving it with no fiduciary to
administer its operation and administration.
The department filed suit against IT Factory
Solutions in the U.S. District Court for the District of Delaware.
Carmichael will administer the Solutions by Design plan, distribute
assets to participants and beneficiaries and implement its orderly
termination.
As of February 2005, the plan had 68 participants and
$1,040,908 in assets.
In fiscal year 2005, EBSA achieved monetary results
of $1.7 billion related to the pension, 401(k), health and other
benefits for millions of American workers and their families. Employers
can reach EBSA’s Washington, D.C. district office at 301.713.2000 or
contact EBSA’s toll-free number, 1.866.444.EBSA (3272), for help with
problems relating to private-sector retirement and health plans.
(Chao v. IT Factory Solution, Inc.)
Civil Action No.: 05-843 (GMS)
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