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Release Date: December 19, 2007
Release Number: 07-1671-CHI
Contact Name: Brad Mitchell
Phone Number: 312.353.6976
New Carlisle, Ohio – The U.S. Department of
Labor has filed suit in federal district court in Dayton, Ohio, asking
for the appointment of an independent fiduciary to terminate the
abandoned A&S Tri-County Plumbing Inc. 401(k) profit-sharing plan so
its assets can be distributed to participants.
“The only reasonable course after the death of the
two plan fiduciaries was to have the Labor Department step in to
safeguard the plan,” said Joseph Menez, director of the Cincinnati
Regional Office of the department’s Employee Benefits Security
Administration (EBSA). “In these cases, the department must act to
protect the retirement plan assets held on behalf of participants.”
The lawsuit seeks to appoint an independent fiduciary
to manage the plan, terminate it and distribute assets to eligible
participants and beneficiaries. The plan has 14 remaining participants
with assets totaling $21,600.
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 2006, EBSA achieved monetary results of $1.4 billion related
to pension, 401(k), health and other benefits for millions of American
workers and their families.
Chao v. A&S Tri-County Plumbing Inc.
Civil Action Number 07-cv-00457
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