Feds Sue Dealer Over 401(k) Plan
The U.S. Department of Labor has filed a lawsuit against a former dealer who refuses to administer the business’ 401(k) plan, leaving participants without access to their money.
PLATTSMOUTH, Neb. — The U.S. Department of Labor has filed a lawsuit against the former owner of Tincher Chevrolet Oldsmobile, alleging that he is refusing to administer the business’ 401(k) plan. The business closed in July 2011, and 401(k) participants are unable to access the money, the Lincoln Journal Star reports.
The suit claims that Mark Tincher’s actions violate the Employee Retirement Income Security Act. The Department of Labor is looking to appoint a new administrator to oversee termination of the plan and distribute the $183,000 to the plan’s five participants.
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