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Release Date: 07/18/2003
Release Number: BOS 2003-174
Contact Name: Rita Ford
Phone Number: 202.693.8671
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New York, New York - The U.S. Department of Labor filed
a lawsuit on July 16, 2003, to obtain a court-appointed independent
fiduciary to manage and distribute retirement assets to participants and
beneficiaries of the money purchase plan of Duane and Larkin, Inc.
(D&L) in Madison, New Jersey. The plan’s trustee abandoned the plan
and failed to distribute its assets. |
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“The department is committed to doing everything we
can to assist workers whose benefit plans have been abandoned by their
fiduciaries,” said Francis Clisham, director of the New York Regional
Office of the U.S. Department of Labor’s Employee Benefits Security
Administration (EBSA), which investigated the case. |
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Plans become “orphan plans” when they are abandoned
by all fiduciaries designated to manage and operate them and their assets. |
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The lawsuit alleges that Joseph Duane, the company’s
owner and plan trustee, violated the Employee Retirement Income Security
Act by abandoning the plan, failing to distribute its assets and failing
to leave a forwarding address to which plan inquiries could be directed.
The lawsuit was filed in the federal district court in Newark. |
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D & L marketed coffee and coffee machines to
offices in the New Jersey area. It established its money purchase plan in
1984. The plan had 13 participants and held assets totaling $1,881.30,
according to the last available plan documents in 1993. |
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Employers and workers can reach EBSA’s New York
regional office at 212.607.8600 or EBSA’s 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. Duane & Larkin Money Purchase Plan) |
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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. |
