EBSA News Brief
Office of Public Affairs Philadelphia PA
For Immediate Release: August 6, 2013
Contact: Joanna Hawkins or Leni Uddyback-Forston
Phone: 215-861-5101 or 215-861-5102
E-mail: firstname.lastname@example.org or email@example.com
Release Number: EBSA 13-078
Perez v. GEI International Inc.
Default judgment entered against defunct Wayne, Pa., company to distribute workers’
Date of Action: Aug. 2, 2013
Name(s) of Defendant(s): GEI International Inc.
Allegations: In 2001, GEI International Inc., a Wayne, Pa.,-based company, established the GEI International Inc. 401(k) plan for its employees. An investigation conducted by the U.S. Department of Labor’s Employee Benefits Security Administration found that the company ceased operations around 2003. However, the plan was not terminated and its assets were not distributed to all of the plan’s participants and beneficiaries. As of Feb. 17, 2012, the plan had 16 participants and $146,209.32 in assets.
Resolution: The Department of Labor filed a complaint in federal court against the company on March 5, 2013. Through this action, the department sought the removal of the company as a fiduciary with respect to the plan and the appointment of an independent fiduciary with full authority to terminate the plan and distribute the assets to the participants and beneficiaries. After the company failed to defend the complaint, the department moved for a default judgment on July 31, 2013. United States District Judge Hon. Edmund V. Ludwig granted the department’s motion on August 2, 2013, appointing Lefoldt & Co., P.A., as the plan’s independent fiduciary.
Court: United States District Court for the Eastern District of Pennsylvania
Docket Number: 2:13-cv-01171-EL-77-RCM
U.S. Department of Labor materials are accessible at www.dol.gov. The information above is available in large print, Braille, audio tape or disc from the COAST office upon request by calling 202-693-7828 or TTY 202-693-7755.