Judge appoints independent fiduciary to administer abandoned 401(k) profit sharing plan of Winer Industries Inc. in Paterson, N.J.

Date of Action: Oct. 11, 2012

Type of Action: Order and judgment

Name(s) of Defendant: Winer Industries Inc. 401(k) profit sharing plan

Allegations: Winer Industries Inc. established the Winer Industries 401(k) profit sharing plan in 1984. The plan had three trustees. One died in 2003, the second died in 2009 and the third retired from his position as trustee prior to the 2009 death of the second trustee. As a result, there was no fiduciary or trustee to terminate the plan and distribute the remaining assets.

While many of the plan participants received distributions of their funds while the plan sponsor was engaged in bankruptcy proceedings, as of June 8, 2010, the plan still had 33 participants and total assets of $85,604.76. Plan participants were unable to obtain distributions of funds from the asset custodian without permission from a trustee or other fiduciary.

Resolution: The court has appointed Larry Lefoldt as independent fiduciary of the plan with the authority to administer the plan and, if necessary, implement its orderly termination. The court further ordered that the independent fiduciary shall collect, marshal, and administer all of the plan’s assets and administer and terminate the plan, including the power to give instructions to asset custodians respecting the disposition of assets of the plan held by them.

Docket Number: 2:12-cv-00805 (WJM)(MF)

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.