US Labor Department sues Butler County, Pennsylvania, corporation to appoint independent fiduciary for 401(k) plan

Date of Action: Jan. 23, 2015

Name(s) of Defendants: TecSol Inc.

Allegations: TecSol Inc. established a 401(k) plan in 1995 as a benefit to its employees. The plan was funded by elective employee contributions and employer contributions. In or around 2012, the company ceased all business operations. Since then, neither the company nor its officers have taken fiduciary responsibility for the operation and administration of the plan and its assets. As of Jan. 8, 2014, the plan had three remaining participants with individual account balances totaling $27,098.11. These assets are currently held by Alliance Bernstein Investor Services.

Resolution: The complaint seeks to remove TecSol Inc. as fiduciary to the plan, and to appoint an independent fiduciary to terminate the plan and distribute all remaining assets.

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

Docket Number: 2:15-cv-00101-MRH

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