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Release Date: February 13, 2009
Release Number: 09-38-ATL (040)
Contact Name: Michael Wald
Phone Number: 404.562.2078
Atlanta – The U.S. Department of Labor has
sued Renewable Resources Inc. of Cookeville, Tennessee, for failing to
fulfill its fiduciary duties to participants covered by the Renewable
Resources Inc. Profit Sharing Plan and Trust.
The lawsuit, filed in the U.S. District Court for the
Middle District of Tennessee, alleges that the company failed to
terminate its 401(k) plan and distribute assets to eligible participants
after the company ceased operations. As a result, participants were
unable to receive information about and access to their funds.
The suit asks the court to appoint an independent
fiduciary to terminate the plan and distribute its assets.
“The Labor Department will step in to protect the
rights of plan participants when the fiduciary fails to make provisions
for the orderly distribution of assets from its discontinued retirement
plan,” said R.C. Marshall, regional director of the department’s
Employee Benefits Security Administration (EBSA) office in Atlanta.
Renewable Resources Inc. was a re-manufacturer of
computer printer and toner cartridges.
This case resulted from an investigation conducted by
EBSA’s office in Atlanta. Employers and workers can reach EBSA’s
Atlanta Regional Office at 404.302.3900 or toll-free at 866.444.3272 for
help with problems relating to private sector retirement and health
plans.
In fiscal year 2008, EBSA achieved monetary results
of $1.2 billion related to pension, 401(k), health and other benefits
for millions of American workers and their families.
Secretary of Labor v. Renewable Resources Inc.
(Civil Action Number 3:09-cv-00148)
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Department's Compliance
Assistance page.
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