Community Corner
Suit Seeks $750K In 401(k) Funds Dispursed From Former Paramus Company
Interactive Marketing Group failed to formally terminate the plan, the U.S. Department of Labor said.
PARAMUS, N.J. - The U.S. Department of Labor filed a lawsuit Wednesday to get more than $750,000 in 401(k) assets for a former Paramus-based company distributed to participants.
An investigation by the department’s Employee Benefits Security Administration found that Interactive Marketing Group failed to formally terminate a 401(k) profit-sharing plan after the company ceased business operations in December 2014.
Interactive Marketing Group established the plan in 1987.
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As of May 26, 2015, the plan had a total of $753,310 in assets. State Street Bank and Trust Co., in Massachusetts holds the money.
The lawsuit is seeking a court order to appoint an independent fiduciary to distribute the assets and terminate the plan.
Find out what's happening in Paramusfor free with the latest updates from Patch.
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