Newspaper Archive of
Cape Gazette
Lewes, Delaware
Jim's Towing Service
January 25, 2010     Cape Gazette
PAGE 30     (30 of 104 available)        PREVIOUS     NEXT      Full Size Image
 
PAGE 30     (30 of 104 available)        PREVIOUS     NEXT      Full Size Image
January 25, 2010
 

Newspaper Archive of Cape Gazette produced by SmallTownPapers, Inc.
Website © 2019. All content copyrighted. Copyright Information.     Terms Of Use.     Request Content Removal.




30 FRIDAY. JANUARY 22 - MONDAY, JANUARY 25, 2010 BOB AND SUSAN ROWLAND all BUSINESS & REAL ESTATE J W Reach Cape Gazette Oroportties available for outstanding agents with the Cape Region's Premier Real Estate Fro'n! www.joinremax.com RV/MI00'00 Realty Group 317 Rehoboth Ave. Rehoboth Beach www.homerb.com Call Nora Martin, Broker/Sales Manager, direct for a confidential interview at 302-542-0188 or email noramartin@remax.net U.S. Department of Labor sues defunct Lewes firm The U.S. Department of Labor has fried a lawsuit to obtain ap- pointment of an independent fi- duciary to oversee the 401(k) plan of Keystone Professional Employers Inc., a defunct com- pany formerly located in Lewes. "Denying workers access to their retirement savings will not be tolerated by the labor depart- ment," said Mabel Capolongo, di- rector of the department's Em- ployee Benefits Security Admin- istration (EBSA) in Philadelphia. "Employers cannot abandon 401(k) plans when a company goes out of business." The plan, created in ]une 1999, was managed by the company until'it ceased operations in 2000. Since that time, the plan has not had a fiduciary responsi- ble for the operation and admin- istration of the plan and its as- sets. As a result, the plan's par- ticipants and beneficiaries have been unable to gain access to or information about their individ- ual balances. The suit, fried in the U.S. Dis- trict Court for the District of Delaware, seeks to appoint an in- dependent fiduciary to termi- nate the plan and distribute plan assets to participants and benefi- ciaries. It also seeks to direct The Hartford Life Insurance Co., the plan's custodian of assets, to turn the assets of the plan over to the independent fiduciary ap- pointed by the court. As of May 27, the plan had nine participants and approximately $14,268.44 in assets, the latest da- ta available. The suit resulted from an in- vestigation conducted by EBSs regional office in Philadelphia. Employers and workers can con- tact that office at 215-861-5300 or toll-free at 866-444-3272 for help with problems relating to private seqtor pension and health plans. In fiscal year 2009, EBSA achieved monetary results of $1.3 billion related to pension, 401(k), health and other benefits for mil- lions of American workers. rrrTTInm