U.S. Labor Department obtains court judgment to distribute funds from Plymouth, Minnesota-based 401(k) plan

Archived News Release — Caution: Information may be out of date.

Plymouth, Minnesota – The U.S. Department of Labor has obtained a consent judgment appointing an independent fiduciary to terminate the Allstate Home Mortgage 401(k) Plan and Trust and distribute $90,507 in plan assets to six plan participants.

The judgment resolves a lawsuit, filed by the Labor Department in the federal district court in Minneapolis, Minnesota, seeking the appointment of an independent fiduciary to replace Daniel P. Leaf as a plan fiduciary due to his death on November 16, 2005. At the time of his death, only Leaf had the authority to terminate the plan and distribute its assets. As a result, participants have been unable to obtain benefits from the plan until this consent judgment was filed.

“The department will take action when unfortunate circumstances create a vacuum in the fulfillment of employees’ retirement planning,” said Steve Eischen, director of the Labor Department’s Employee Benefits Security Administration (EBSA) regional office in Kansas City, Mo.

Employers and workers can reach EBSA’s Kansas City Regional Office at 816.285.1800 or through the agency’s toll-free number, 866.444.3272, for help with problems relating to private sector retirement and health plans

In fiscal year 2007, EBSA achieved monetary results of $1.5 billion related to pension, 401(k), health and other benefits for millions of American workers and their families nationwide.

Chao v. Allstate
Civil Action Number: 07-cv-4462

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Archived News Release — Caution: Information may be out of date.