Date of Action: Oct. 26, 2023
Type of Action: Employee Retirement Income Security Act default judgment
Company/Owners: Associated Community Services Inc.
Associated Community Services 401(k) Profit Sharing Plan and Trust
Background: The Acting Secretary of Labor filed a motion for default judgment with the U.S. District Court for the Eastern District of Michigan on Oct. 4, 2023, to appoint an independent fiduciary to distribute the assets of the Associated Community Services 401(k) Profit Sharing Plan and Trust. The Southfield, Michigan telemarketing company has been out of business since 2019 and was dissolved in July 2022.
Investigators with the department’s Employee Benefits Security Administration determined that the plan has $781,000 in assets as of June 27, 2023, that need to be distributed to 28 participants.
Resolution: Entered on Oct. 26, 2023, in the U.S. District Court for the Eastern District of Michigan, the default judgment signed by Judge Friedman appoints AMI Benefit Plan Administrators as the independent fiduciary to distribute the funds to eligible participants.