Perez v. Bothwell et al., involving the ThreeSource Inc. 401(k) Plan in Manteno, Ill.

Date of Action: Feb.  23, 2015

Type of Action: Filing of a Complaint in the U.S. District Court for the Central District of Illinois

Names of Defendants: Martin R. Bothwell III and ThreeSource Inc. 401(k) Plan

Allegations: An investigation by the U.S. Department of Labor’s Employee Benefits Security Administration found that Martin R. Bothwell III, as the fiduciary of the ThreeSource Inc. 401(k) Plan, failed to administer the plan since approximately June 10, 2013, a violation of the Employee Retirement Income Security Act. The company closed on June 30, 2012, and was subsequently involuntarily dissolved by the State of Illinois on Sept. 13, 2013.

As of July 16, 2014, the plan had assets totaling $65,723.00 and 19 eligible participants.

Resolution: The complaint seeks to remove Bothwell as fiduciary of the ThreeSource Inc. 401(k) Plan and permanently enjoin him from serving as a fiduciary or service provider to any Employee Retirement Income Security Act-covered plan.  The lawsuit also asks the court to appoint an independent fiduciary to terminate the plan and distribute the remaining assets to participants.

Court: Central District of Illinois, Urbana, Ill.

Docket Number: 15-cv-02044

Employers and workers can reach EBSA 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 news materials are accessible at www.dol.gov. The department’s Reasonable Accommodation Resource Center converts departmental information and documents into alternative formats, which include Braille and large print. For alternative format requests, please contact the department at (202) 693-7828 (voice) or (800) 877-8339 (federal relay).