U.S. Labor Department obtains default judgment against Fishers, Indiana business leading to recovery of 401(k) profit-sharing funds

Archived News Release — Caution: Information may be out of date.

Fishers, Indiana – The U.S. Department of Labor has obtained a default judgment against defunct Technengineering Services Inc. to appoint an independent fiduciary to manage and terminate the company’s 401(k) profit-sharing plan and distribute $20,599 in assets to eligible participants and beneficiaries.

“Workers and their families counted on these benefit plans to help fund their retirement,” said acting Regional Director Paul Baumann of the Employee Benefits Services Administration’s (EBSA) Cincinnati Regional Office, which investigated this case. “The department will take whatever steps are necessary to recover retirement funds for America’s working people.”

The department’s lawsuit resolved by this judgment alleged that, as plan administrator, the company failed to take responsibility for terminating the 401(k) profit-sharing plan and distributing the assets to participants and beneficiaries after the company ceased operations.

The suit was filed in the U.S. District Court for the Southern District of Indiana. Employers and workers can reach EBSA’s Cincinnati Regional 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. Technengineering
Civil Action Number 1:08-cv-0709

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Archived News Release — Caution: Information may be out of date.