The U.S. Department of Labor obtained a court order appointing an independent fiduciary to manage the abandoned 401(k) plan of Worldwide Trade Resources Inc.
The Weehawken, N.J., company ceased operations in October 2010 and did not provide for the distribution of individual account balances, the DOL alleged in a lawsuit filed in October 2011.
Under the Employee Retirement Income Security Act, plans must be managed by named fiduciaries and if there isn't one available, participants and beneficiaries can't obtain plan information, make investments or collect retirement benefits.
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