Judge orders Northbrook, Ill.-based Family Care Management, trustee to distribute nearly $125,000 in employee benefit plan assets

Date of Action:  Nov. 10, 2011

Type of Action:  Consent order and judgment

Names of Defendant: Family Care Management Plan and Michael Kaplan.

Allegations:  The lawsuit, filed in U.S. district court in Chicago, alleged that Family Care Management and trustee Michael Kaplan, failed to properly administer and terminate the company’s plan, which has prevented qualified participants from obtaining distributions of their individual account balances.

The company ceased operations in 2007. At that time, the profit sharing plan had 15 participants and assets totaling $124,236. 

Resolution: Michael Kaplan shall immediately assume responsibility for and collect, liquidate and manage the assets of the Family Care Management 401(k) & Profit Sharing Plan and distribute those assets to eligible plan beneficiaries.  Following distribution, he shall terminate the plan.

Court: United States District Court for the Northern District of Illinois, Eastern Division, Chicago, Ill.

Docket Number: Solis v. Family Care Management Plan, et. al., 1:11-cv-02508

Employers and workers can reach EBSA toll-free at 866-444-3272 for help with problems related to private sector retirement and health plans.  Additional information can be found at www.dol.gov/ebsa.

U.S. Department of Labor materials are accessible at www.dol.gov.  The information above is available in large print, Braille, audio tape or disc from the COAST office upon request by calling 202-693-7828 or TTY 202-693-7755.