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Release Date: September 4, 2008
Release Number: 08-1168-CHI
Contact Name: Brad Mitchell or Scott Allen
Phone Number: 312.353.6976
Fishers, Indiana – The U.S. Department of
Labor has obtained a default judgment against defunct Technengineering
Services Inc. to appoint an independent fiduciary to manage and
terminate the company’s 401(k) profit-sharing plan and distribute
$20,599 in assets to eligible participants and beneficiaries.
“Workers and their families counted on these
benefit plans to help fund their retirement,” said acting Regional
Director Paul Baumann of the Employee Benefits Services Administration’s
(EBSA) Cincinnati Regional Office, which investigated this case. “The
department will take whatever steps are necessary to recover retirement
funds for America’s working people.”
The department’s lawsuit resolved by this judgment
alleged that, as plan administrator, the company failed to take
responsibility for terminating the 401(k) profit-sharing plan and
distributing the assets to participants and beneficiaries after the
company ceased operations.
The suit was filed in the U.S. District Court for the
Southern District of Indiana. Employers and workers can reach EBSA’s
Cincinnati Regional Office at 859.578.4680 or toll-free at 866.444.3272
for help with problems relating to private sector retirement and health
plans. In fiscal year 2007, EBSA achieved monetary results of $1.5
billion related to pension, 401(k), health and other benefits for
millions of American workers and their families.
Chao v. Technengineering
Civil Action Number 1:08-cv-0709
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