Court appoints independent fiduciary to distribute assets of I.Q. Marketing Inc. 401(k) Plan in Minneapolis

Date of Action: May 15, 2015

Type of Action: Default Judgment

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 was 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 judgment removes Janet Finken and I.Q. Marketing, Inc. as fiduciaries to the I.Q. Marketing Inc. 401(k) Plan and permanently enjoins them from serving as a fiduciary or service provider to any Employee Retirement Income Security Act covered plan in the future.

Additionally, $1,852 of Finken’s assets in the plan will be set aside to cover losses incurred to the plan resulting from her fiduciary breaches.

The court appointed Grabel, Schnieders, Hollman & Co., PC, of Kirkwood, Missouri, as the independent fiduciary to the Plan.  The company will administer the plan, distribute the assets to eligible participants, and terminate the plan within 90 days.

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.

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