|
|
|
Release Date: 12/04/2003
Release Number: 03-838-NEW
Contact Name: Rita Ford
Phone Number: 202.693.8671
|
Printer Friendly
Version
|
|
|
|
New York, New York - The U.S. Department of
Labor has filed a lawsuit seeking an independent fiduciary to manage and
distribute more than $300,000 in retirement assets for the benefit of
participants of the Geophysical and Environmental Research Corporation’s
(Geophysical) 401(k) plan in Millbrook, New York. |
“The
department is committed to doing everything we can to assist workers whose
benefit plans have been abandoned by their fiduciaries,” said Francis
Clisham, director of the New York regional office of the U.S. Department
of Labor’s Employee Benefits Security Administration (EBSA), which
investigated the case. “When we find an abandoned plan, we take action
to help participants obtain their account balances in the plan.” |
Plans
become “orphan plans” when they are abandoned by all fiduciaries
designated to manage and operate them and their assets. |
The
complaint, filed in the federal district court in Manhattan, alleges that
former trustee Joseph J. Jamin abandoned the plan and failed to ensure
that the plan’s assets were properly distributed to its participants
when Geophysical became defunct in 2002. The plan covers 20 participants
and held approximately $303,000 in assets as of August 2002. |
Employers
and workers can reach EBSA’s New York regional office at 212.607.8600 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. Geophysical and Environmental Research Corp. 401(k)
Civil Action No. 03-Civ-9371 |
|
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. |
