US Labor Department lawsuit seeks removal of plan fiduciary and appointment of independent fiduciary to distribute 401(k) plan assets of defunct Lansdale, Pa., company

Date of Action: Sept. 11, 2014

Type of Action: Complaint

Name(s) of Defendants: Polar Dry Ice Inc. and Polar Dry Ice Inc. 401(k) plan

Allegations: Based on an investigation conducted by the U.S. Department of Labor’s Employee Benefits Security Administration, the Secretary of Labor filed a complaint alleging the following:

Polar Dry Ice Inc. established the 401(k) plan in 1997 to provide benefits to its employees in the event of retirement, death, disability, or upon termination of employment. The plan was funded by elective employee contributions and employer contributions. In or around 2003, the company ceased all business operations.

Since some time in 2008, neither the company nor any officer of the company has taken fiduciary responsibility for the operation and administration of the plan and its assets, nor has any officer appointed anyone to assume the responsibility to terminate the plan or distribute its assets to the participants.

As of July 3, 2013, the plan had four remaining participants with individual account balances totaling $30,900.31. These assets are currently held by MG Trust Company LLC, doing business as Matrix Trust.

Resolution: The complaint seeks to remove the defendant, Polar Dry Ice Inc., from its position as a fiduciary with respect to the plan, and to appoint an independent fiduciary to terminate the plan and distribute the plan’s remaining assets.

Court: United States District Court for the Eastern District of Pennsylvania

Docket Number: 2:14-cv-05228-LDD

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.