U.S. Labor Department seeks to distribute more than $270,000 to participants of abandoned retirement plan of Intercounty Title Company of Illinois

Chicago – The U.S. Department of Labor filed a lawsuit in federal district court in Chicago, seeking the appointment of an independent fiduciary to terminate the Intercounty Title Company of Illinois retirement savings plan and to distribute more than $270,800 in assets to plan participants and beneficiaries.

The suit alleges that the Intercounty Title Company 401(k) retirement plan was left without a named fiduciary after one of the plan’s trustees died in March 2002. The Labor Department suit asks the court to appoint an independent fiduciary to administer the plan to ensure proper distribution of plan assets to eligible participants and beneficiaries.

“It is unfortunate that some plan participants have been unable to access their retirement assets,” said Steve Haugen, director of the department’s Chicago Regional Office of its Employee Benefits Security Administration. “We will continue to do all that we can to correct these circumstances when we learn of them.”

Employers and workers can reach EBSA’s Chicago office at 312.353.0900 or toll-free at 866.444.3272 for help with problems relating to private sector retirement and health plans.

In fiscal year 2009, EBSA achieved monetary results of $1.3 billion related to pension, 401(k), health and other benefits for millions of American workers and their families. Additional information can be found at www.dol.gov/ebsa.

Solis v Intercounty Title Company of Illinois 401(k) Savings Plan
Civil Action No. 1:10-cv-02831

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