US Labor Department obtains court-appointed independent fiduciary for 401(k) plan of defunct Moorestown, NJ, company

MOORESTOWN, N.J. ‒ The U.S. Department of Labor has obtained a judgment and order appointing an independent fiduciary to manage the 401(k) plan of defunct Thermacon Industries Inc., formerly located in Moorestown.

The judgment resolves a lawsuit filed by the Labor Department in May 2011 alleging that Thermacon Industries violated the Employee Retirement Income Security Act. The suit charged that, after the company ceased operations in 2004, its fiduciaries failed to terminate the retirement plan and distribute its assets, which are valued at $242,159.

Under the judgment, entered in the U.S. District Court for the District of New Jersey, Metro Benefits Inc. of Pittsburgh was appointed as the independent fiduciary with authority to manage the plan, distribute assets to plan participants and beneficiaries, and terminate the plan. 

“This employer did not honor its legal obligation to terminate and distribute the assets of its employee retirement plan when the company went out of business,” said Norman Jackson, acting regional director of the Labor Department’s Employee Benefits Security Administration in Philadelphia. “This action will ensure that the plan is properly managed, and participants and beneficiaries will gain access to hard-earned retirement assets.”

The suit resulted from an investigation by EBSA’s Philadelphia Regional Office. The case was litigated by the department’s regional solicitor in New York.

Employers and workers can contact EBSA’s Philadelphia office at 215-861-5300 or toll-free at 866-444-3272 for help with any problems relating to private sector pension and health plans. Additional information can be found at www.dol.gov/ebsa.

Solis v. Thermacon Industries Inc.
Civil Action Number:  1:11-cv-03136 RBK-JS

U.S. Department of Labor news 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.