WASHINGTON, Aug. 19 -- The U.S. Department of Labor'sEmployee Benefits Security Administration issued the following news release:
Date of Action: Aug. 18, 2014
Type of Action: Complaint
Names of Defendants: Janet Finken, I.Q. Marketing, Inc., I.Q. Marketing Inc. 401(k) Plan
Allegations: An investigation by the U.S. Department of Labor'sEmployee Benefits Security Administration found that Janet Finken and I.Q. Marketing, Inc., fiduciaries of the I.Q. Marketing Inc. 401(k) Plan failed to administer the plan since Jan. 17, 2014. The company ceased operations in August 2012 and involuntarily dissolved by the State of Minnesota on Aug. 1, 2012.
As of Jan. 31, 2014, the plan had assets of $192,523.17 and 10 eligible participants.
Resolution: The complaint seeks to remove Finken and I.Q. Marketing as fiduciaries to the I.Q. Marketing Inc. 401(k) Plan and permanently enjoin them from serving as a fiduciary or service provider to any Employee Retirement Income Security Act-covered plan in the future. The lawsuit also asked the court to 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 Minnesota
Docket Number: 0:14- cv-03187
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.
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