Harris v. Celebration Events, Inc. Independent fiduciary appointed for abandoned Woburn, Mass. 401(k) plan

Date of Action: Aug. 5, 2013

Type of Action: Consent Judgment and Order

Name of Defendant: Celebration Events, Inc.

Allegations: The Celebrations Events, Inc. 401(k) plan was established in January 2006 to provide retirement benefits for employees of Celebration Events, Inc. of Woburn, Mass. The company ceased operations in or around 2010.

Prior to ceasing operations, the company failed to take fiduciary responsibility for operation and administration of the plan and failed to take proper control of its assets, including appropriate measures to distribute the plan assets to beneficiaries and terminate the plan.

No individual or entity has assumed these fiduciary responsibilities and the plan’s custodian will not release the plan’s $315,159.27 in assets to the plan’s eleven remaining participants, unless an independent fiduciary is named.

Resolution: The court has ordered the appointment of Northeast Retirement Services of Woburn, Mass., as independent fiduciary for the Celebration Events, Inc. 401(k) Plan, with the authority to liquidate the plan’s assets, communicate with the participants, determine account balances and eligibility, distribute the plan’s assets and terminate the plan.

Court: U.S. District Court for the District of Massachusetts

Docket Number: 1:13-CV-11459

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.