Detroit, Michigan - The U.S. Department of Labor
filed suit asking the federal district court in Detroit to appoint an
independent trustee for the abandoned retirement plan of Zimm’s Vacuum
Cleaner Company Inc., Livonia, Michigan, which ceased doing business in
2002.
The department’s lawsuit seeks appointment of an
independent fiduciary to administer the plan, distribute its assets to
plan participants and beneficiaries and oversee the plan’s termination.
As of August 2005, the plan had four participants and $7,635 in assets.
The suit seeks to replace former Zimm’s owner Daniel Zimmerman and
General Manager Raymond Gladwish, who were serving as fiduciaries when the
company was dissolved.
“When a plan is abandoned, so are the workers who
invested in it,” said Joseph Menez, regional director for the Labor
Department’s Employee Benefits Security Administration (EBSA). “We
took this legal action so the plan will be properly administered and its
participants can access the funds that rightly belong to them.”
The department’s suit resulted from an investigation
conducted by EBSA’s Cincinnati regional office. Employers and workers
can contact that office at 617.565.9600 or EBSA’s toll free number,
1.866.444.EBSA (3272), for help with any problems relating to
private-sector pension and health plans.
(Chao v. Zimmerman)
Civil Action No. 2:06-cv-10123 |