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Press Release U.S. Department of Labor Investigation Results in Federal Court Ordering Independent Fiduciary to Distribute $535,790 in Retirement Plan Assets |
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Issued by Employee Benefits Security Administration [EBSA], U.S. Department of Labor May 24, 2018 |
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McLEAN, VA - The U.S. District Court for the Eastern District of Virginia has ordered the appointment of an independent fiduciary to distribute $535,790 in assets to 24 participants of the Cambridge Technology Group Inc. 401(k) Plan and removed Cambridge Technology Group Inc. and the company's president and CEO Andrew Carrington as fiduciaries in a default judgment entered on May 22, 2018. The action follows a U.S. Department of Labor Employee Benefits Security Administration (EBSA) investigation that found the McLean-based technology consulting company and its CEO violated the Employee Retirement Income Security Act (ERISA). EBSA found that Carrington, who served as plan trustee, failed to keep participants or the asset custodian aware of his contact information for distribution requests; did not process any distribution requests submitted by participants; and failed to terminate the plan. Cambridge Technology Group served as the plan's administrator. "Andrew Carrington and Cambridge Technology Group made it nearly impossible for plan participants to access their funds," said Michael Schloss, EBSA Regional Director. "They did not fulfill the duties owed to the employee retirement plan, and lost the trust of its participants." EBSA's Washington, D.C., office investigated and the Regional Solicitor in Philadelphia litigated on the Department's behalf. Civil Action No. 1:17-cv-01238-LMB-IDD |
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