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News Release
Labor Department Settlement With Humboldt, Tennessee Doctor to Restore Funds to Money Purchase Plan
Archived News Release — Caution: Information may be out of date.
Atlanta, Georgia - The trustee of a medical practice’s employee benefit plan in Humboldt, Tennessee, has agreed to restore more than $28,000 to the plan to settle a lawsuit filed by the U.S. Department of Labor.
The department’s lawsuit against the fiduciaries of the Beryl Yancey, M.D. Money Purchase Plan was resolved on October 31, 2002. Restored amounts will include promised employer contributions as well as interest and lost earning on plan assets that had been used by the medical practice, according to a consent judgment entered in federal district court in Jackson, Tennessee.
Dr. Beryl G. Yancey, plan trustee and sole proprietor of the general medical practice, also agreed to be barred permanently from serving any employee benefit plan governed by the federal pension law.
According to the consent judgment, Yancey will be replaced by Larry Lefoldt of Lefoldt & Co. of Ridgeland, Mississippi as the independent fiduciary of the money purchase plan. He will serve as trustee, plan administrator and in any other fiduciary role necessary to administer the plan, including distribution to the plan participants and, if necessary, termination of 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).
Employers and workers can contact the Atlanta regional office at 404.562.2156 or PWBA’s Toll-Free Employee and Employer Hotline number at 1.866.275.7922, for help with problems relating to private-sector pension and health plans.
(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Archived News Release — Caution: Information may be out of date.