EBSA News Brief
Office of Public Affairs Boston MA
For Immediate Release: August 13, 2013
Contact: Ted Fitzgerald or Andre J. Bowser
Phone: 617-565-2075 or 617-565-2074
E-mail: email@example.com or firstname.lastname@example.org
Release Number: BOS EBSA-2013-121
Perez v. Van Buren Automotive Products 401(k) Profit Sharing Plan
of Medford, NY
Date of Action: Aug. 5, 2013
Type of Action: Complaint
Name(s) of Defendant: Van Buren Automotive Products 401(k) Profit Sharing Plan
Allegations: In June of 1988, Precision Power Products, Inc. of Medford, NY, established Van Buren Automotive Products 401(k) Profit Sharing Plan for its employees. The company went out of business in 1992. Anthony Spagnolo was the sole trustee of the plan, which required him to manage the disposition of the plan’s assets. Spagnolo died in 2012. Since his death, no individuals have come forward to assume fiduciary responsibility for the plan. In the absence of a fiduciary, the plan’s six remaining participants are unable to access $102,582.34 in the plan’s assets.
Resolution: The U.S. Department of Labor is seeking the appointment of an independent trustee and fiduciary to administer the plan and distribute its assets to the plan’s participants.
Court: U.S. District Court for the Eastern District of New York
Docket Number: 1:13-cv-04402-JG-RER
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.