U.S. authorities are hoping to be able to distribute participant 401(k) assets frozen for almost two years after the failure of New Jersey based machine manufacturing firm.
According to Bergen County's Record newspaper, the DOL has filed a suit against Progressive Machine Co. Inc.'s 401(k) plan, looking for a trustee to help work to distribute the plan's remaining holdings – approximately $81,000, covering 17 employees.
The suit, filed last month in Newark, N.J., was issued more than a year after the company's former owner and plan administrator, Stephen J. Honczarenko, received a three-year probation sentence for failing to file a 5500 form
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
