May 25, 2012
--- The Department of Labor appointed an independent
fiduciary to manage the 401(k) plan of a now-defunct New Jersey company in the
wake of a lawsuit. ---
The agency named M. Larry Lefoldt of
Lefoldt & Co. PA as the fiduciary of Worldwide Trade Resources Inc.’s
401(k) plan, which has 52 participants and about $2.2 million in assets.
The department’s suit alleged that
the company, in Weehawken, New Jersey, had not named a fiduciary as required by
the Employee Retirement Income Security Act (ERISA) by the time the company
closed around October 2010. As a result, the plan’s participants and
beneficiaries could not obtain plan information, make investments or collect
Lefoldt has the authority to manage
the plan, distribute assets to eligible participants and beneficiaries and
terminate the plan.