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Release Date: March 14, 2008
Release Number: 08-94-CHI
Contact Name: Brad Mitchell/Scott Allen
Phone Number: 312-353-4807/312.353.6976
Plymouth, Minnesota – The U.S. Department of
Labor has obtained a consent judgment appointing an independent
fiduciary to terminate the Allstate Home Mortgage 401(k) Plan and Trust
and distribute $90,507 in plan assets to six plan participants.
The judgment resolves a lawsuit, filed by the Labor
Department in the federal district court in Minneapolis, Minnesota,
seeking the appointment of an independent fiduciary to replace Daniel P.
Leaf as a plan fiduciary due to his death on November 16, 2005. At the
time of his death, only Leaf had the authority to terminate the plan and
distribute its assets. As a result, participants have been unable to
obtain benefits from the plan until this consent judgment was filed.
“The department will take action when unfortunate
circumstances create a vacuum in the fulfillment of employees’
retirement planning,” said Steve Eischen, director of the Labor
Department’s Employee Benefits Security Administration (EBSA) regional
office in Kansas City, Mo.
Employers and workers can reach EBSA’s Kansas City
Regional Office at 816.285.1800 or through the agency’s toll-free
number, 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 nationwide.
Chao v. Allstate
Civil Action Number: 07-cv-4462
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