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Release Date: 07/02/2002
Release Number: 272
Contact Name: Sharon Morrissey
Phone Number: 202.693.8664
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Detroit,
Michigan - A consent judgment
and order obtained June 27 by the U.S. Department of Labor and the bankruptcy
trustee for DCT, Inc., names an independent trustee to terminate the company’s
401(k) plan and distribute the $13.7 million in plan assets to over 700
participants.
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The independent fiduciary,
Midwest Pension Actuaries, Inc. of Farmington Hills, Michigan, will conclude any
plan-related matters connected with the termination, consistent with the
Employee Retirement Income Security Act (ERISA). |
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On June 21, the department
filed a complaint in U. S. District Court in Detroit, to remove DCT, Inc., of
Sterling Heights, Michigan, as plan administrator of the DCT 401(k) Plan. DCT had
designated its human resources director as the sole person authorized to carry
out these responsibilities including providing for distributions and rollovers.
When the director resigned on February 28, 2002, the plan was left without a
fiduciary. Distributions have been frozen since that time. The
company is currently in Chapter 7 bankruptcy. |
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As of April 30, the plan had
$13,701,303 in assets and 707 participants. |
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DCT, Inc. was a business
providing integrated design, manufacturing and installation of automated
welding, assembly and material hauling systems for auto manufacturers and Tier
One supplies (generally the largest suppliers to automakers). |
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“The department’s goal is
to protect the hard-earned benefits promised to employees,” said Joseph Menez,
regional director of the Cincinnati regional office of the Labor Department’s
Pension and Welfare Benefits Administration (PWBA). |
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Employers and workers can
contact the Cincinnati office at 1.859.578.4680 or PWBA’s Toll-Free Hotline number at
1.866.275.7922 for help with any problems relating to private-sector pension and
health plans. |
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This case resulted from an
investigation conducted by the PWBA’s Detroit district office. |
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(Chao v. DCT, Inc.
Civil Action # 02-72599) |
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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 202.693.7775. |
