EBSA News Brief
Office of Public Affairs San Francisco CA
For Immediate Release: July 24, 2013
Contact: Deanne Amaden or Jose A. Carnevali
Phone: 415-625-2630 or 415-625-2631
Email: email@example.com or firstname.lastname@example.org
Release Number: 13-1646-SAN
US Labor Department recovers $50,656 for participants in Gilroy, Calif.
401(k) profit sharing plan
Independent fiduciary appointed for plan sponsored by Power & Data Technology Inc.
Date of Action: February 8, 2013
Type of Action: Order Granting Motion to Appoint Independent Fiduciary
Name(s) of Defendant: Michael D. Williams, Trustee to the Power & Data Technology, Inc. 401(k) Profit Sharing Plan
Allegations: Power & Data Technology, Inc. 401(k) Profit Sharing Plan is a defined contribution employee benefit plan established in 1995. The plan was sponsored by Gilroy, Calif.-based Power & Data Technology, Inc., which ceased operations in 2001. The company and Michael D. Williams engaged in prohibited transactions and failed to administer the plan.
As of January 31, 2013, the plan had 15 participants and assets of $23,075.
Resolution: The order removes Williams as a plan trustee and appoints Victor Yaneza (Yaneza) as the plan’s independent fiduciary. As independent fiduciary, Yaneza is responsible for the administration of the plan, distributing the plan’s assets to eligible participants and beneficiaries, and terminating the plan. The court further ordered Williams to restore $50,655.71 to the plan, which includes amounts under an earlier default judgment and interest.
Court: U.S. District Court, Northern District of California, San Jose Division
Docket Number: 5:08-cv-05643
U.S. Department of Labor news 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.