U.S. Labor Department sues Dayton, Ohio, business and former vice president for failing to properly administer 401(k) plan

Archived News Release — Caution: Information may be out of date.

Dayton, Ohio – The U.S. Department of Labor has sued now-defunct Rycor Fabrication LTD of Dayton and its former vice president, Steven Adams, for failing to administer and terminate the company’s 401(k) plan so that assets could be distributed to participants.

“The department will act when plan fiduciaries fail to carry out their duty to protect retirement plan assets held on behalf of participants,” said Joseph Menez, director of the department’s Employee Benefits Security Administration (EBSA) regional office in Cincinnati, Ohio.

The lawsuit alleges that Adams failed to carry out his responsibilities as plan administrator to terminate the plan and distribute its assets to beneficiaries and participants when the company ceased doing business. The suit seeks to appoint an independent fiduciary to manage the plan, terminate it and distribute the nearly $14,000 in assets to eligible participants and beneficiaries.

Employers and workers can reach EBSA’s Cincinnati Regional Office at 859.578.4680 or toll-free at 1.866.444.EBSA (3272) for help with problems relating to private sector retirement and health plans. 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. Adams
Civil Action Number 3:07-cv-00126

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Archived News Release — Caution: Information may be out of date.