EBSA News Brief
Office of Public Affairs Philadelphia PA
For Immediate Release: September 4, 2013
Contact: Joanna Hawkins or Leni Uddyback-Forston
Phone: 215-861-5101 or 215-861-5102
E-mail: email@example.com or firstname.lastname@example.org
Release Number: EBSA 13-091
DOL v. J. M. Singley & Associates Inc.
Default judgment against defunct Media, Pa., company to distribute workers’ 401(k) assets
Date of Action: Aug. 29, 2013
Name(s) of Defendant(s): J. M. Singley & Associates Inc.
Allegations: In 2009, J. M. Singley & Associates Inc., a Media, Pa.,-based company, established the J. M. Singley & Associates Inc. 401(k) retirement plan for certain of its employees. An investigation conducted by the U.S. Department of Labor’s Employee Benefits Security Administration found that the company ceased operations in 2010 and did not terminate the plan and distribute its assets to all of the participants and beneficiaries. As of May 2012, the plan had eight participants and $17,896.98 in assets.
Resolution: The department filed a complaint in federal court against the company on Oct. 23, 2012, seeking 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 plans 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 Aug. 29, 2013. United States District Judge Juan R. Sanchez granted the department’s motion that same day. The independent fiduciary for the plan is attorney Nicholas L. Saakvitne, Esq., located in Santa Monica, Calif.
Court: United States District Court for the Eastern District of Pennsylvania
Docket Number: 2:13-cv-0605977-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.