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Release Date: July 30, 2008
Release Number: 08-1038-ATL (171)
Contact Name: Michael Wald
Phone Number: 404.562.2076
Cincinnati – The U.S. Department of Labor
has obtained a default judgment against Woodford Memorial Hospital Inc.
of Versailles, Kentucky, removing the hospital as fiduciary of its
retirement and thrift plan, and appointing an independent fiduciary to
oversee the collection, management and liquidation of assets for the
benefit of the plan’s participants.
As of this month, the plan has 29 participants and
funds totaling $174,153.
“This judgment is a victory for the former
employees of the hospital who are counting on these assets for their
future retirement,” said Joseph Menez, director of the Cincinnati
Regional Office of the department’s Employee Benefits Security
Administration (EBSA), which investigated the case.
The judgment, entered in the U.S. District Court for
the Eastern District of Kentucky, resulted from a Labor Department
lawsuit that alleged the hospital failed to authorize distribution of
the plan’s assets after the hospital ceased operations in February
2000. Since that time, no successor fiduciary has taken responsibility
for the operation and administration of the plan, which has not been
formally terminated.
Employers and workers can reach EBSA’s Cincinnati
Regional 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 2007, EBSA achieved monetary results
of $1.5 billion related to pension, 401(k), health and other benefits
for millions of American workers and their families. For more
information, see www.dol.gov/ebsa.
Chao v. Woodford Memorial Hospital Inc.
Civil Action Number 08-21-KSF
U.S. Department of Labor news releases are accessible on the
Department's Newsroom
page. The information in this news release will be made available
in alternate format (large print, Braille, audio tape or
disc) from the COAST office upon request. Please specify which news release when
placing your request at 202.693.7828 or TTY 202.693.7755. The Labor Department is committed to providing America's employers and
employees with easy access to understandable information on how to comply
with its laws and regulations. For more information, please visit the
Department's Compliance
Assistance page.
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