News Brief
Judge appoints independent fiduciary to distribute $781K in assets to participants in defunct Michigan company’s retirement plan
Date of Action: Oct. 26, 2023
Type of Action: Employee Retirement Income Security Act default judgment
Company/Owners: Associated Community Services Inc.
Associated Community Services 401(k) Profit Sharing Plan and Trust
Background: The Acting Secretary of Labor filed a motion for default judgment with the U.S. District Court for the Eastern District of Michigan on Oct. 4, 2023, to appoint an independent fiduciary to distribute the assets of the Associated Community Services 401(k) Profit Sharing Plan and Trust. The Southfield, Michigan telemarketing company has been out of business since 2019 and was dissolved in July 2022.
Investigators with the department’s Employee Benefits Security Administration determined that the plan has $781,000 in assets as of June 27, 2023, that need to be distributed to 28 participants.
Employers and workers can reach EBSA toll-free at 866-444-3272 for help with problems related to private sector retirement and health plans. Learn more about EBSA.
Quote: “The appointment of an independent fiduciary will ensure that the participants in the Associated Community Services 401(k) Profit Sharing Plan and Trust will receive their hard-earned retirement contributions,” said Employee Benefits Security Administration Regional Director L. Joe Rivers in Cincinnati. “Often times when businesses cease operations employees are unaware how to retrieve their funds. Individuals with questions on retirement fund management should contact the Employee Benefits Security Administration for assistance.”
Docket Number: Case No. 2:23-cv-10347
