EBSA News Brief
Office of Public Affairs San Francisco CA
For Immediate Release: April 21, 2014
Contact: José A. Carnevali
Phone: (415) 625-2631
Release Number: 14-679-SAN
Perez v. Roadrunner Material Distributors Inc. involving abandoned plan of
defunct Placentia, Calif., building materials company
Date of Action: March 28, 2014
Type of Action: Amended Complaint
Name(s) of Defendant: Roadrunner Material Distributors Inc.; Roadrunner Material Distributors Inc. 401(k) Profit Sharing Plan
Allegations: Prior to ceasing operations in 1994, Roadrunner Material Distributors Inc., plan administrator of the Roadrunner Material Distributors Inc. 401(k) Profit Sharing Plan, failed to take sufficient steps to provide for the prudent and complete termination of the plan. The department’s complaint alleges that Roadrunner violated the Employee Retirement Income Security Act by failing to act prudently and solely in the interest of the participants and beneficiaries of the plan, including failing to take appropriate measures to distribute the plan’s assets to the participants and beneficiaries. As of May 15, 2013, the plan had seven participants and $6,089 in assets.
Resolution: The U.S. Secretary of Labor asks the court to remove Roadrunner from its position as plan administrator, and to appoint an independent fiduciary with discretionary authority to administer the plan in order to distribute the plan’s assets and terminate the plan.
Court: United States District Court for the Central District of California
Docket Number: 8:14-cv-00425-CJC-DFM
U.S. Department of Labor news materials are accessible at www.dol.gov. The information above is available in large print, Braille, audio tape or disc from the COAST office upon request by calling (202) 693-7828 or TTY (202) 693-7755.