U.S. Labor Department secures independent fiduciary for abandoned Baltimore retirement savings plan

Archived News Release — Caution: Information may be out of date.

Baltimore - The U.S. Department of Labor has obtained a court judgment appointing David M. Lipkin as independent fiduciary of the abandoned retirement savings plan of defunct King Tile Co. in Baltimore, Maryland, with authority to distribute assets to participants and beneficiaries and then to terminate the plan.

The plan covers eight participants and has $63,874.04 in assets, according to the latest financial information available.

“The Labor Department took this legal action to ensure that the interests of plan participants and beneficiaries are protected,” said Mabel Capolonogo, director of the department’s Employee Benefits Security Administration (EBSA) regional office in Philadelphia.

The judgment resulted from a lawsuit filed by the department in November 2006 alleging that King Tile Co. violated the Employee Retirement Income Security Act. The suit charged that after ceasing operations in 2003, the company failed to terminate the plan and distribute its assets, and plan participants and beneficiaries were unable to access their individual account balances.

Employers and workers can reach EBSA’s Philadelphia Regional Office at 215.861.5300 or toll-free at 1.866.444.EBSA (3272) for help with problems relating to private sector retirement and health plans. Information is also available on the agency’s Web site at www.dol.gov/ebsa.

In fiscal year 2006, EBSA achieved monetary results of $1.4 billion related to pension, 401(k), health and other benefits for millions of American workers and their families.

(Chao v. The King Tile Company)
Civil Action No.: WMN 06CV3062

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Archived News Release — Caution: Information may be out of date.