Judge appoints independent fiduciary to distribute assets of Nationwide Wash Systems Inc. 401(k) Profit Sharing Plan in Eden Prairie, Minn.

Date of Action: April 9, 2013

Type of Action: Default Judgment

Name(s) of Defendant: Valerie Kreager and Nationwide Wash Systems, Inc. 401(k) Profit Sharing Plan

Allegations: The complaint alleged that Kreager failed to administer the Plan and authorize distributions on behalf of the Plan participants since the company went out of business. The Plan has three participants with combined assets totaling $29,146.30.

Resolution: The court ordered Kreager removed as the fiduciary of the Plan.  Additionally, Kreager is permanently enjoined from serving as a fiduciary or a service-provider to any ERISA-covered plan.  The Court appointed R.L. Billings of Sioux City, Iowa as the independent fiduciary to administer and terminate the Plan.  

Court: United States District Court District of Minnesota, St. Paul, Minn.

Docket Number: 0:12-cv-02723

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.