Department files suit to appoint independent fiduciary to distribute $753K in 401(k) assets of defunct New Jersey marketing company

Date of Action: April 13, 2016

Name(s) of Defendants: Interactive Marketing Group Inc. 401(k) Profit-Sharing Plan

Allegations: An investigation conducted by the U.S. Department of Labor’s Employee Benefits Security Administration found Interactive Marketing Group failed to formally terminate a 401(k) profit-sharing plan after the company ceased all business operations in or before December 2014. The company established the plan in 1987.           

As of May 26, 2015, the plan had a total of $753,310 in assets, currently held by State Street Bank and Trust Co., in Quincy, Massachusetts. 

Resolution: The lawsuit is seeking a court order to appoint an independent fiduciary to administer the plan, distribute plan assets to all affected participants and terminate the plan.

Court: U.S. District Court for the District of New Jersey

Docket Number: 2:16-cv-01988-CCC-JBC