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Release Date: 10/30/2003
Release Number: USDL 03-657 ATL (273)
Contact Name: Gloria Della
Phone Number: 202.693.8664
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Atlanta, Georgia - The U.S. Department of Labor
filed a lawsuit to obtain an independent fiduciary to manage the Media
Masters, Inc., 401(k) plan of Alpharetta, Georgia, after the plan was left
without a plan fiduciary. |
“The
participants in this plan came to us for help. We are taking legal action
to ensure the participants receive the benefits promised by the
company,” said Howard Marsh, director of the department’s Atlanta
regional office of the Employee Benefits Security Administration (EBSA),
which investigated the case. |
The
suit, filed October 15, in federal district court in Atlanta, alleges that
corporate owner Henry L. Jones violated the Employee Retirement Income
Security Act when he abandoned the plan, leaving participants without a
way to transact plan business and communicate with the plan. Without a
plan fiduciary, participants and beneficiaries have been unable to obtain
distributions from their accounts. |
The
suit seeks to remove Jones as the plan trustee and to appoint an
independent fiduciary to distribute plan assets to participants and
beneficiaries and terminate the plan if necessary. |
The
corporation ceased operations on November 6, 2000. The 401(k) plan had
five participants and $22,839.93 in assets as of July 16, 2002. |
Employers
and workers can contact the regional office at 404.562.2156 or EBSA’s
toll free number, 1.866.444.EBSA (3272), for help with problems relating
to private-sector pension and health plans. |
(Chao
v. Jones)
Civil Action No. 1:03-CV-3163 |
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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. |
