• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

DOL asks court to appoint fiduciary for ‘orphaned’ 401(k)

by on
in Compensation and Benefits,Human Resources

When the owner of Windswept Envi­ron­mental Group died in Nov­ember 2008, he left behind more than a business. The Bay Shore company’s 401(k) retirement plan was orphaned, too, since the owner was the plan’s only fiduciary.

Windswept closed permanently in February 2009, and former employees were left with no one to contact concerning their accounts. Twelve plan participants collectively had more than $129,000 in the plan.

Now the U.S. Department of Labor has asked the federal court for the Eastern District of New York to appoint a fiduciary for the plan.

Note: Make sure your succession plan names someone to step in if a retirement plan fiduciary cannot fulfill his or her duties. Fiduciaries provide plan statements, monitor investment options and generally protect plan participants’ interests.

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/34737/dol-asks-court-to-appoint-fiduciary-for-orphaned-401k "

Leave a Comment