Date of Action: Jan. 23, 2015 Name(s) of Defendants: TecSol Inc.
Allegations: TecSol Inc. established a 401(k) plan in 1995 as a benefit to its employees. The plan was funded by elective employee contributions and employer contributions. In or around 2012, the company ceased all business operations. Since then, neither the company nor its officers have taken fiduciary responsibility for the operation and administration of the plan and its assets. As of Jan. 8, 2014, the plan had three remaining participants with individual account balances totaling $27,098.11. These assets are currently held by Alliance Bernstein Investor Services.
Resolution: The complaint seeks to remove TecSol Inc. as fiduciary to the plan, and to appoint an independent fiduciary to terminate the plan and distribute all remaining assets.
Court: United States District Court for the Western District of Pennsylvania Docket Number: 2:15-cv-00101-MRH U.S. Department of Labor news materials are accessible at www.dol.gov. The department’s Reasonable Accommodation Resource Center converts departmental information and documents into alternative formats, which include Braille and large print. For alternative format requests, please contact the department at (202) 693-7828 (voice) or (800) 877-8339 (federal relay).
