U.S. Labor Department seeks court approval to distribute 401(k) assets of A&S Tri-County Plumbing Inc. in New Carlisle, Ohio

Archived News Release — Caution: Information may be out of date.

New Carlisle, Ohio – The U.S. Department of Labor has filed suit in federal district court in Dayton, Ohio, asking for the appointment of an independent fiduciary to terminate the abandoned A&S Tri-County Plumbing Inc. 401(k) profit-sharing plan so its assets can be distributed to participants.

“The only reasonable course after the death of the two plan fiduciaries was to have the Labor Department step in to safeguard the plan,” said Joseph Menez, director of the Cincinnati Regional Office of the department’s Employee Benefits Security Administration (EBSA). “In these cases, the department must act to protect the retirement plan assets held on behalf of participants.”

The lawsuit seeks to appoint an independent fiduciary to manage the plan, terminate it and distribute assets to eligible participants and beneficiaries. The plan has 14 remaining participants with assets totaling $21,600.

The suit resulted from an investigation conducted by EBSA’s Cincinnati Regional Office. Employers and workers can reach the 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 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. A&S Tri-County Plumbing Inc.
Civil Action Number 07-cv-00457

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Archived News Release — Caution: Information may be out of date.