US Department of Labor files suit to appoint independent fiduciary to distribute assets of I.Q. Marketing Inc. 401(k) Plan in Minneapolis

Date of Action: Aug. 18, 2014

Type of Action: Complaint

Names of Defendants: Janet Finken, I.Q. Marketing, Inc., I.Q. Marketing Inc. 401(k) Plan

Allegations: An investigation by the U.S. Department of Labor’s Employee Benefits Security Administration found that Janet Finken and I.Q. Marketing, Inc., fiduciaries of the I.Q. Marketing Inc. 401(k) Plan failed to administer the plan since Jan. 17, 2014.  The company ceased operations in August 2012 and involuntarily dissolved by the State of Minnesota on Aug. 1, 2012.

As of Jan. 31, 2014, the plan had assets of $192,523.17 and 10 eligible participants.

Resolution: The complaint seeks to remove Finken and I.Q. Marketing as fiduciaries to the I.Q. Marketing Inc. 401(k) Plan and permanently enjoin them from serving as a fiduciary or service provider to any Employee Retirement Income Security Act-covered plan in the future. The lawsuit also asked the court to appoint an independent fiduciary to administer the plan, distribute the assets to eligible participants, and terminate the plan upon completion.

Court: United States District Court for Minnesota

Docket Number: 0:14- cv-03187

Employers and workers can reach Employee Benefits Security Administration toll-free at 866-444-3272 for help with problems related to private sector retirement and health plans.  Additional information can be found at www.dol.gov/ebsa.

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.