Labor Department Sues to Appoint Independent Trustee for Abandoned Cincinnati 401(k) Plan

Archived News Release — Caution: Information may be out of date.

Cincinnati, Ohio - The U.S. Department of Labor sued in federal district court in Cincinnati to appoint an independent trustee for the abandoned retirement plan of locally-based Cincinnati Armature Works Inc., which ceased doing business in October 2004.

The department’s lawsuit seeks appointment of an independent fiduciary to administer the plan, distribute its assets to plan participants and beneficiaries and oversee the plan’s termination. As of August 2005, the plan had nine participants and approximately $265,700 in assets. The suit seeks to replace the company’s former owner, Walter Zuberbuhler, who served as a fiduciary when the company was dissolved.

“When a plan is abandoned, so are the workers who invested in it,” said Joseph Menez, regional director for the Labor Department’s Employee Benefits Security Administration (EBSA). “We took this legal action so the plan will be properly administered and its participants can access the funds that rightly belong to them.”

The department’s suit resulted from an investigation conducted by EBSA’s Cincinnati regional office. Employers and workers can contact that office at 617.565.9600 or EBSA’s toll-free number, 1.866.444.EBSA (3272), for help with any problems relating to private-sector pension and health plans. In fiscal year 2005, EBSA achieved monetary results of $1.7 billion related to pension, 401(k), health and other benefits for millions of American workers and their families.

(Chao v. Zuberbuhler)
Civil Action No. 1:06CV169

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Archived News Release — Caution: Information may be out of date.

Contact Name: Brad Mitchell
Phone Number: 312.353.6976