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News Brief
Solis v. Progressive Machine Co. Inc. 401(k) plan
Date of Action: Nov. 29, 2012
Type of Action: Complaint
Name of Defendant: Progressive Machine Co. Inc. 401(k) plan
Allegations: On or about Jan 4, 2005, Progressive Machine Co. Inc., based in Ringwood, N.J., established a 401(k) plan for its employees. During the course of an investigation by the U.S. Department of Labor’s Employee Benefits Security Administration, the agency found that since 2010, the company had not taken any steps to properly administer the plan and distribute benefits. As a result, 17 former employees could not receive pension benefits totaling approximately $81,463.
Resolution: The Labor Department is seeking the appointment of an independent trustee to terminate the plan and distribute its remaining assets.
Court: United States District Court for the District of New Jersey
Docket Number: 2:12-cv-07343-CCC-JAD
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.