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Lewes, Delaware
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January 25, 2010     Cape Gazette
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January 25, 2010

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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! RV/MI00'00 Realty Group 317 Rehoboth Ave. Rehoboth Beach Call Nora Martin, Broker/Sales Manager, direct for a confidential interview at 302-542-0188 or email 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