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View More Press Releases by Employee Benefits Security Administration [EBSA], U.S. Department of Labor

Press release:

DOL Sues Defunct Philadelphia Non-profit to Appoint Independent Fiduciary to Terminate 401(k) Plan

Issued by: Employee Benefits Security Administration [EBSA], U.S. Department of Labor

Date: Mar. 23, 2016

Date of Action: March 4, 2016

Name(s) of Defendants: Philadelphia Committee for the Prevention of Blindness

Allegations: An investigation by the U.S. Department of Laborís Employee Benefits Security Administration found that the Philadelphia Committee for the Prevention of Blindness violated the Employee Retirement Income Security Act. The committee sponsored and administered the Philadelphia Committee to Prevent Blindness Annuities Plan, an ERISA-covered retirement plan. Investigators determined that the defendant failed to properly administer and terminate the plan when it ceased operations. Neither the committee nor any of its officers had taken fiduciary responsibility for the operation and administration of the plan, nor was anyone appointed to terminate the plan and distribute its assets to plan participants.

As of Dec. 31, 2014, the plan had three remaining participants with individual account balances totaling $42,448.24. Mutual of America Life Insurance Company currently holds these assets.

Resolution: The lawsuit is seeking a court order to appoint an independent fiduciary to administer the plan, distribute plan assets to all affected participants and terminate the plan.

Court: United States District Court for the Eastern District of Pennsylvania

Docket Number: 2:16-cv-01030-JHS

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View More Press Releases by Employee Benefits Security Administration [EBSA], U.S. Department of Labor


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