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Kansas City, Missouri - The U.S. Department of
Labor has obtained a court order appointing an independent fiduciary to
manage the abandoned 401(k) plans of Guy’s Acquisition Company. The suit
also asks to distribute almost $20,000 to 48 eligible participants and to
terminate the plans.
“The department took legal action to ensure that the
participants in the plan receive their promised benefits,” said Steven
R. Eischen, director of the Kansas City regional office of the department’s
Employee Benefits Security Administration (EBSA), which investigated the
case.
Guy’s Acquisition Company was a large snack food
company based in Liberty, Missouri, that distributed products throughout
the Midwest. It ceased operations in February 2001. The department’s
lawsuit alleges that no one has taken fiduciary responsibility for the
administration of the plans and their assets since the plans’ sponsor
went out of business.
Plans become “orphan plans” when they are abandoned
by all fiduciaries designated to manage and operate them and their assets.
In fiscal year 2004, EBSA achieved record monetary
results of $3.1 billion related to the pension, 401(k), health and other
benefits of millions of American workers and their families. Employers and
workers can contact the Kansas City regional office at 816.426.5131. Help
with problems relating to private-sector retirement and health plans can
also be obtained by calling EBSA’s toll free number at 1.866.444.EBSA
(3272).
(Chao v. Guy’s Acquisition Company 401(k) Plan)
Civil Action No. 05-0720-CV |
