Archived News Release Caution: Information may be out of date.
|
Release Date: 03/08/2004
Release Number: 04-297-NEW
Contact Name: Keke Vencil
Phone Number: 202.693.8664
|
Printer Friendly
Version
|
|
New York, New York - The U.S. Department of
Labor has filed a lawsuit to obtain a court order appointing an
independent fiduciary to manage the Edel America Records, Inc., 401 (k)
plan in Manhattan and distribute more than $63,000 to 15 participants. |
Edel
America Records has not appointed a successor trustee since the original
trustee, Stephan Garfinkle, abandoned the plan. This has resulted in
participants and beneficiaries being unable to obtain distributions from
their accounts. The company, a record distributor, ceased operations in
July 2001. |
Plans
become “orphan plans” when they are abandoned by all fiduciaries
designated to manage and operate them and their assets. |
“The
law states that plans must be managed and operated by employers or plan
fiduciaries,” said Francis Clisham, director of the department’s
Employee Benefits Security Administration New York regional office. “Our
case ensures that these workers and their families have someone with
authority to transact plan business and distribute its assets to eligible
participants.” |
In
fiscal year 2003, EBSA achieved record monetary results of $1.4 billion
related to the pension, 401(k), health and other benefits of millions of
American workers and their families. Employers and workers can reach EBSA’s
New York regional office at 212.607.8600 or through EBSAs toll-free
number, 1.866.444.EBSA (3272), for help with problems relating to
private-sector retirement and health plans. |
(Chao
v. Edel America Records, Inc.)
Civil Action No. 04-CV-01785 |
U.S.
Labor Department news releases are accessible on the Internet at
www.dol.gov. The information in this news release will be made available
in alternate format upon request (large print, Braille, audio tape or
disc) from the COAST office. Please specify which news release when
placing your request at 202.693.7765 or TTY 202.693.7755. The U.S.
Department of Labor 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
www.dol.gov/compliance. |
Archived News Release Caution: Information may be out of date.
| |
|