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Compliance June 25, 2009
DoL Wins Distribution of 401(k) Assets to Former Workers
The U.S. Department of Labor has obtained a judgment in federal district court that will lead to the distribution of $164,251 in 401(k) plan assets to 14 participants.
Reported by Rebecca Moore
The judgment orders the appointment of an independent fiduciary to terminate the 401(k) plan of Hyman Freightways Inc. and to distribute the plan’s assets to participants. The court action resolves a lawsuit filed by the DoL against Hyman, which ceased operation in October 1997.
“These are funds that workers will need in the coming years. The Labor Department will act when plan fiduciaries fail to carry out their duty to protect retirement assets held on behalf of plan participants,” Steve Eischen, regional director of the department’s Employee Benefits Security Administration (EBSA) in Kansas City, Missouri, said in a news release.
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