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Release Date: 08/24/2004
Release Number: 04-1597-KAN
Contact Name: Gloria Della
Phone Number: 202.693.8664
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Kansas City, Missouri - The U.S. Department of
Labor has sued trustees of The European Finish Inc. 401(k) Profit Sharing
Plan in Broomfield, Colorado, to obtain a court-appointed independent
fiduciary after the trustees abandoned the plan. The independent fiduciary
will have authority to terminate the plans and distribute approximately
$11,405 in assets to eligible plan participants.
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“The
department is committed to doing everything we can to assist workers whose
benefit plans have been abandoned by their fiduciaries. We took legal
action to ensure the participants receive the benefits promised by the
company,” said Steven Eischen, director of the department’s Kansas
City Regional Office of the department’s Employee Benefits Security
Administration (EBSA). |
The
suit, filed in federal district court in Denver, alleges that trustees
Jacqueline Feulner and Daniel Bean failed to administer the plan or
appoint a plan fiduciary to administer the plan. As a result, participants
and beneficiaries were unable to communicate with the plan fiduciaries or
obtain distributions from their accounts. The trustees also allegedly
failed to file annual reports for the plan from 1999 to the present. |
The
suit seeks a court order to permanently bar the trustees from serving as
fiduciaries to any plan covered by the Employee Retirement Income Security
Act (ERISA) in the future and to appoint an independent fiduciary to
manage the plan, distribute plan assets and file required annual reports. |
The
retirement plan had seven participants and $11,405 in assets as of April
2003.The case resulted from an investigation by the Kansas City regional
office into alleged ERISA violations. Employers and workers can contact
the regional office at 816.426.5131 or EBSA’s toll free number,
1.866.444.EBSA (3272), for help with problems relating to private-sector
pension and health plans. |
(Chao
v. Feulner)
Civil Action No. 04-CV-1737 |
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U.S. Department of Labor
news releases are accessible on the Internet. The information in this news
release will be made available in alternate format upon request (large
print, Braille, audio tape or disc) from the Central Office for Assistive
Services and Technology. Please specify which news release when placing
your request. Call 202.693.7765 or TTY 202.693.7755. |
