Please note: As of January 20, 2021, information in some news releases may be out of date or not reflect current policies.
News Release
Labor Department Seeks to Have Funds Restored To Humboldt, Tennessee Money Purchase Plan
Archived News Release — Caution: Information may be out of date.
Jackson, Tennessee - In a lawsuit filed August 21, the U.S. Department of Labor asked the court to order the plan fiduciaries of the Beryl Yancey, M.D. Money Purchase Plan of Humboldt, Tennessee to forward $9,756.98 to plan participants who have been waiting since November 2000 for their distributions from the plan.
“This action demonstrates our commitment to protect the hard-earned benefits of American workers," said Howard Marsh, director of the department’s Atlanta Regional Office of the Pension and Welfare Benefits Administration, which investigated the alleged violations of the Employee Retirement Income Security Act (ERISA).
Defendants in the suit are co-fiduciaries of the plan: Dr. Beryl G. Yancey, sole proprietor of the general medical practice, and her husband, Robert Tucker, Jr., who allegedly failed to monitor the actions of his wife.
Yancey established a retirement plan in May 1995 and, since March 9, 1999, the plan has effectively been abandoned. On November 13, 2000, Yancey executed a request for total withdrawal for each participant in the plan and the custodian of the plan’s assets issued checks in the names of the affected plan participants on November 16, 2000. The checks were never distributed to the intended participants but were deposited in the Yancey Medical Center account.
Employers and workers can contact the Atlanta Regional Office at 1.404.562-2156 or PWBA’s Toll-Free Employee & Employer Hotline number at 1.866.275.7922, for help with any problems relating to private-sector pension and health plans.
The complaint was filed in federal district court in Jackson, Tennessee.
(Chao v. Beryl G. Yancey et al
Civil Action No. 02-1219)
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Archived News Release — Caution: Information may be out of date.