A California environmental consultant is being sued by the Department if Labor for failing to manage or administer their profit-sharing plan since the late 1990s or early 2000s, effectively barring distribution of participants’ retirement assets. The complaint, Su v. Environmental Instrumentation Co. et al, was filed in U.S. District Court for the Northern District of California.
The DOL has the court to appoint an independent fiduciary for the plan to administer the retirement plan through its termination and the distribution of plan assets to participants.
The Environmental Instrumentation Co. Profit Sharing Plan went into effect in 1988 and the last Form 5500 was filed in 1997. The plan still has $144,168.60 in assets.