WASHINGTON, May 13 -- The U.S. Department of Labor'sEmployee Benefits Security Administration issued the following news release:
Date of Action: May 8, 2014
Type of Action: Complaint
Names of Defendant: Mark Tincher, Tincher Chevrolet Oldsmobile 401(k) Plan
Allegations: An investigation by the Employee Benefits Security Administration found that Tincher, who was trustee and sole owner of the company, failed to administer the plan and provide written authorization to allow distribution or rollover of the plan's participant accounts after Tincher Chevrolet Oldsmobile ceased operations in July 2011.
The Plan has assets of $183,146.48 and five eligible participants.
Resolution: The lawsuit seeks to remove Tincher as trustee to the Tincher Chevrolet Oldsmobile 401(k) Plan and appoint an independent fiduciary to administer the plan, distribute the assets to eligible participants and terminate the plan upon completion.
Court: United States District Court for Nebraska
Docket Number: 8:14-cv-143
Employers and workers can reach Employee Benefits Security Administration toll-free at 866-444-3272 for help with problems related to private sector retirement and health plans. Additional information can be found at www.dol.gov/ebsa.
U.S. Department of Labor materials are accessible at www.dol.gov. The
information above is available in large print, Braille, audio tape or disc from the COAST office upon request by calling (202) 693-7828 or TTY (202) 693-7755.
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