U.S. authorities are hoping to be able to distribute participant 401(k) assets frozen for almost two years after the failure of New Jersey based machine manufacturing firm.
According to Bergen County's Record newspaper, the DOL has filed a suit against Progressive Machine Co. Inc.'s 401(k) plan, looking for a trustee to help work to distribute the plan's remaining holdings – approximately $81,000, covering 17 employees.
The suit, filed last month in Newark, N.J., was issued more than a year after the company's former owner and plan administrator, Stephen J. Honczarenko, received a three-year probation sentence for failing to file a 5500 form
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