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Release Date: 04/01/2003
Release Number: ATL 03-51
Contact Name: Rita Ford
Phone Number: 202.693.8671
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Atlanta, Georgia - The U.S. Department of Labor
sued the president of defunct TM Analytic, Inc. in Tampa, Florida, on
March 24, for abandoning the corporation’s 401(k) plan by failing to
properly terminate the plan and distribute its assets to the participants
and beneficiaries. |
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“When the defendant abandoned the plan, participants
were unable to receive pension distributions or make inquiries about their
benefits,” said Howard Marsh, director of the Atlanta regional office of
the department’s Employee Benefits Security Administration (EBSA), that
investigated the case. |
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The suit alleges that Donald L. Helman, the company
president and plan fiduciary, violated the Employee Retirement Income
Security Act (ERISA) when he failed to terminate the plan and distribute
the assets. |
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The suit seeks to remove Helman as plan fiduciary,
permanently bar him from serving any employee benefit plan subject to
ERISA, and appoint an independent fiduciary to terminate the plan and
distribute its assets to the participants and beneficiaries. |
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TM Analytic was an Illinois corporation registered as a
foreign corporation in Florida. As of June 2002, the plan had 16
participants and assets totaling $388,298.90. The corporation ceased
operations in 2001. |
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Employers and workers can reach EBSA’s Atlanta
regional office at 404.562.2156 or through its toll-free number,
1.866.444.EBSA (3272), for help with problems relating to private-sector
pension and health plans. |
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(Chao v. Donald L. Helman
Civil Action No. 8:03-CV-518-T-27-EAJ) |
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U.S. Department of Labor
news releases are accessible on the Internet. The information in this news
release will be made available in alternate format upon request (large
print, Braille, audio tape or disc) from the Central Office for Assistive
Services and Technology. Please specify which news release when placing
your request. Call 202.693.7773 or TTY 202.693.7755. |
