US Department of Labor files suit to appoint an independent fiduciary for abandoned employee benefit plan in Georgia

Date of Action: Dec. 17, 2014

Type of Action: Complaint

Name(s) of Defendant(s): Bryan M. Johns and Rainwire Partners Inc. 401(k) Plan

Allegations: Rainwire Partners Inc. 401(k) Plan was established in 1992 by Envirometrics Inc., a Charleston, South Carolina company. Envirometrics subsequently acquired The Catapult Group Inc. and changed its name to Rainwire Partners Inc., located in Atlanta, Georgia. Rainwire ceased operations in 2005. When Rainwire ceased operations, Bryan M. Johns of Marietta, Georgia, was the plan’s fiduciary and failed to ensure that the funds in the plan were appropriately distributed to participants. As a result of Johns’ failure to administer the plan after Rainwire ceased operations, he effectively abandoned the plan. The plan currently has approximately 10 participants and assets of approximately $17,000, which are held by Invesco Investment Services Inc.

Resolution: The department is asking the court to appoint an independent fiduciary at Johns’ expense to arrange for the termination of the plan and distribution of its assets. Furthermore, the department seeks to enjoin Johns from engaging in any further action in violation of Title I of the Employee Retirement Income Security Act of 1974.

Court: United States District Court for the Northern District of Georgia, Atlanta Division.

Docket Number: 1:14-cv-04003-ODE

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