US Labor Department secures appointment of independent fiduciary for abandoned Boston, Mass. 401(k) plan

Date of Action: Oct. 10, 2013

Type of Action: Default Judgment

Name(s) of Defendant: Invenio Technologies Inc.

Allegations:  The Invenio Technologies 401(k) Savings Plan was established Oct. 1, 1997 as an employee pension benefit plan to provide retirement benefits for employees of Invenio Technologies, located in Boston, Mass. Invenio Technologies was the plan’s sponsor and administrator.  Anil Viakara, the company’s owner and president, served as trustee and plan administrator and was the only authorized signatory to the plan. The company ceased operations sometime in 2000. 

Invenio Technologies failed to take steps to ensure the continuing prudent administration of the plan including appropriate measures for the distribution of plan assets to plan participants and their beneficiaries. Anil Viakara has not been located and no one has come forward to assume fiduciary responsibility for the plan’s operation and administration and management of its assets. ING North America Insurance Corp., the plan’s non-discretionary trustee, will not release the plan’s assets to participants without authorization from a plan fiduciary. As a result, 12 plan participants cannot access $116,579.64 in plan assets.

Resolution: The court issued a default judgment authorizing that Northeast Retirement Services of Woburn, Mass. be appointed independent fiduciary for the Invenio Technologies 401(k) Savings Plan to administer the plan and distribute the assets to the participants.

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

Docket Number: 1:13-cv-10121

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.