U.S. Labor Department obtains federal court judgment ordering distribution of 401(k) assets of Q.E.D. Inc. of Troy, Michigan

Archived News Release — Caution: Information may be out of date.

Troy, Michigan – The U.S. Department of Labor has obtained a judgment in federal district court in Detroit ordering the appointment of an independent fiduciary to terminate the 401(k) plan of Troy-based Q.E.D. Inc. and distribute its assets to participants.

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

The court action resolves a lawsuit filed by the Labor Department, which alleged that plan administrators failed to take responsibility for terminating the plan and distributing its assets to beneficiaries and participants when the company ceased doing business.

The plan had eight participants with account balances totaling $144,750 in assets as of the end of 2007.

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 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.

Chao v. Q.E.D. Inc.
Civil Action Number 2:07-cv-14079

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Archived News Release — Caution: Information may be out of date.