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Release Date: March 10, 2009
Release Number: 09-88-CHI
Contact Name: Brad Mitchell or Scott Allen
Phone Number: 312.353.6976
McHenry, Illinois – The U.S. Department of
Labor has sued the owner and profit sharing plan fiduciaries of the
Forms Corporation of America 401(k) Profit Sharing Plan and Trust for
allegedly failing to forward to the plan contributions withheld from
employees’ pay, in violation of the Employee Retirement Income
Security Act (ERISA).
The department’s lawsuit alleges that from May 19,
2006, through July 21, 2006, Joseph A. Cesarz, president of Forms
Corporation of America, its chief executive officer Doyle D. Hayt and
plan trustee Julie M. Fayman withheld and failed to remit participant
contributions to the plan. They also allegedly failed to terminate the
plan in violation of ERISA. The department seeks a court order to
recover all assets owed to the accounts of plan participants, remove the
defendants as fiduciaries and appoint an independent fiduciary to
distribute plan assets and terminate the plan.
“The department will act to help workers get their
benefits when plan assets are either misused or the plans are abandoned,”
said Steve Haugen, director of the Chicago Regional Office of the Labor
Department’s Employee Benefits Security Administration (EBSA).
The suit, filed in federal district court in Chicago,
resulted from an investigation conducted by EBSA’s Chicago office.
Employers and workers can reach that office at 312.353.0900 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. Doyle Hayt
Civil Action Number: 09C 50056
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