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

Press release:

DOL Files Suit to Appoint Independent Fiduciary to Distribute Assets of Abandoned Bronx 401(k) Plan

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

Date: Apr. 6, 2016

Date of action: March 28, 2016

Type of action: Complaint

Names of defendants: Astro Communications 401(k) Plan

Allegations: The Astro Communications 401(k) plan was established to provide retirement benefits for employees of Astro Communications in the Bronx; Marvin Robbins Jr. was the planís trustee. An investigation by the New York office of the U.S. Department of Laborís Employee Benefits Security Administration found that Robbins ceased performing his fiduciary duties several years ago without appointing a plan trustee and the plan has been without a trustee since August 2008. No individual or entity has taken fiduciary responsibility for the planís operations and administration.

The Employee Retirement Income Security Act requires that every employee pension benefit plan be managed by named fiduciaries and its assets held in trust by trustees. Without a trustee, the planís three participants and their beneficiaries are unable to access about $13,841.83 in their accounts for reinvestment or retirement.

Resolution: The departmentís lawsuit asks the court to appoint an independent fiduciary to administer and distribute the planís assets to its participants and beneficiaries, then terminate the plan.

Court: U.S. District Court for the Southern District of New York

Docket Number: 1:16-cv-02173-LAK

Employers and workers can reach EBSA toll-free at 866-444-3272 for help with problems related to private sector retirement and health plans.  Additional information can be found at dol.gov/ebsa.

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


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