U.S. Labor Department action means $164,000 in 401(k) plan assets will be distributed to workers in Mondsview, Minnesota

Mondsview, Minnesota – The U.S. Department of Labor has obtained a judgment in federal district court in Minneapolis, Minnesota, that orders the appointment of an independent fiduciary to terminate the 401(k) plan of a former Mondsview trucking company and to distribute the plan’s assets to participants.

The court action resolves a lawsuit filed by the Labor Department against Hyman Freightways Inc., which ceased operation in October 1997, and will lead to the distribution of $164,251 in plan assets to 14 participants.

“These are funds that workers will need in the coming years. The Labor Department will act when plan fiduciaries fail to carry out their duty to protect retirement assets held on behalf of plan participants,” said Steve Eischen, regional director of the department’s Employee Benefits Security Administration (EBSA) in Kansas City, Missouri.

Employers and workers with questions or concerns regarding their private sector pension and health plans can contact EBSA’s regional office in Kansas City at 816.285.1800 or toll free at 866.444.3272. In fiscal year 2008, EBSA achieved monetary results of $1.2 billion related to pension, 401(k), health and other benefits for millions of American workers and their families. Information is also available from EBSA’s web site at www.dol.gov/ebsa.

Department of Labor v. Hyman Freightways Inc.
Civil Action Number: 08-cv-06360

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