Release Date: July 9, 2007
U.S. Labor Department secures 401(k) plan assets for former Rycor Fabrication employees in Dayton, Ohio
Dayton, Ohio – The federal district court in Dayton has granted a consent judgment to the U.S. Department of Labor, which allows the distribution of 401(k) assets owed to former workers of Rycor Fabrication Ltd., Dayton, according to the department’s Employee Benefits Security Administration (EBSA).
The court action resolves a lawsuit filed by the department against the company and Steven Adams, former vice-president of Rycor Fabrication, for failure to terminate the company’s 401(k) plan and make required distributions to all plan participants when the company ceased operation. The court appointed an independent fiduciary to distribute plan assets to participants and beneficiaries and then terminate the plan.
“The department will act when plan fiduciaries fail to carry out their duty to protect the retirement plan assets held on behalf of participants,” said Joseph Menez, director of the department’s Cincinnati EBSA regional office.
The suit resulted from an investigation conducted by the Cincinnati office. Employers and workers can reach the regional office at 859.578.4680 or toll-free at 1.866.444.EBSA (3272), for help with problems relating to private-sector retirement and health plans. In fiscal year 2006, EBSA achieved monetary results of $1.4 billion related to pension, 401(k), health and other benefits for millions of American workers and their families.
Chao v. Adams
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