Judge appoints independent fiduciary to distribute $781K in assets to participants in defunct Michigan company’s retirement plan

Summary:

On October 26, 2023, the U.S. District Court for the Eastern District of Michigan issued a default judgment appointing AMI Benefit Plan Administrators as the independent fiduciary to distribute the assets of the Associated Community Services 401(k) Profit Sharing Plan and Trust. The plan, which has $781,000 in assets, has been out of business since 2019 and was dissolved in July 2022, with 28 participants eligible to receive their hard-earned retirement contributions. The Employee Benefits Security Administration (EBSA) took action to ensure distribution of the funds and is available to assist employers and workers with problems related to private sector retirement and health plans.