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Release Date: April 4, 2007
Release Number: 07-489-PHI (ebsa 07-040)
Contact Name: Leni Uddyback-Fortson
Phone Number: 215.861.5102
Baltimore - The U.S. Department of Labor has
obtained a court judgment appointing David M. Lipkin as independent
fiduciary of the abandoned retirement savings plan of defunct King Tile
Co. in Baltimore, Maryland, with authority to distribute assets to
participants and beneficiaries and then to terminate the plan.
The plan covers eight participants and has $63,874.04
in assets, according to the latest financial information available.
“The Labor Department took this legal action to
ensure that the interests of plan participants and beneficiaries are
protected,” said Mabel Capolonogo, director of the department’s
Employee Benefits Security Administration (EBSA) regional office in
Philadelphia.
The judgment resulted from a lawsuit filed by the
department in November 2006 alleging that King Tile Co. violated the
Employee Retirement Income Security Act. The suit charged that after
ceasing operations in 2003, the company failed to terminate the plan and
distribute its assets, and plan participants and beneficiaries were
unable to access their individual account balances.
Employers and workers can reach EBSA’s Philadelphia
Regional Office at 215.861.5300 or toll-free at 1.866.444.EBSA (3272)
for help with problems relating to private sector retirement and health
plans. Information is also available on the agency’s Web site at
www.dol.gov/ebsa.
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. The King Tile Company)
Civil Action No.: WMN 06CV3062
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