Archived News Release Caution: Information may be out of date.
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Release Date: 06/24/2004
Release Number: 04-401-CHI
Contact Name: Rita Ford
Phone Number: 202.693.8671
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Cincinnati, Ohio - The U.S. Department of Labor
obtained a consent judgment and order that appoints Anthony Troehler of
St. Augustine, Florida, as the trustee of the retirement savings plan of
Cincinnati-based CFC Interiors, Inc. The trustee will distribute the
pension assets to participants and terminate the plan. |
“The
department took actions to protect the retirement benefits of these
workers,” said Joseph Menez, director of the department’s Cincinnati
regional office of the Employee Benefits Security Administration (EBSA),
which investigated the case. |
A
lawsuit filed simultaneously with the judgment alleges Kenneth M. Suttles,
the former owner of the company and trustee of the 401(k), served as a
plan fiduciary despite being criminally indicted. Suttles’ criminal
conviction prohibits him from serving as a fiduciary or a service provider
to an employee benefit plan governed by the Employee Retirement Income
Security Act. The defendant had been indicted for embezzling, stealing and
converting $87,892 of participants’ money for his personal use in
November 2002. Suttles pled guilty to theft in September 2003, and
subsequently made restitution to the plan. |
CFC
Interiors, Inc., which sold and installed commercial and industrial floor
coverings, has ceased operations. The company’s 401(k) plan was
established in November 1994. As of December 2003, the plan had six
participants and held approximately $88,300 in assets. |
The Labor Department actions were filed in federal
district court in Cincinnati. 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 Cincinnati regional office at 859.578.4680
or through EBSA’s toll-free number, 1.866.444.EBSA (3272), for help with
problems relating to private-sector retirement and health plans. |
(Chao
v. Suttles)
Civil Action No. 1:04-CV-00382-SAS |
U.S.
Labor Department news releases are accessible on the Internet at
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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.
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