Con-Way, the San Mateo shipping company, announced taking several actions to “reduce expenses and maintain a strong cash position in response to the declining economy.”
The company is suspending its contributions to employees’ Read the rest of this entry »
The U.S. Department of Labor sued Power & Data Technology, a defunct San Jose manufacturer of electrical components, and its president, Gilroy resident Michael Williams, to recover and distribute $39,325 in assets remaining in the company’s abandoned 401(k) profit-sharing plan, according to a release.
The suit, filed in the U.S. District Court for the Northern District of California, alleges that the company and Williams violated the Employee Retirement Income Security Act (ERISA) when they abandoned the 401(k) plan after the company ceased doing business in June 2001. As a result, 13 former employees have been unable to access their plan accounts.
The suit seeks to restore the losses to the plan that resulted from mismanagement and the misuse of $39,325 in plan assets, as well as to release an additional $20,208 in remaining plan assets. The suit also seeks to remove Williams as plan fiduciary, permanently bar him from service to plans governed by ERISA in the future and appoint an independent fiduciary to manage the plan.
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