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Release Date: 11/08/2002
Release Number: ATL 02-218
Contact Name: Sharon Morrissey
Phone Number: 202.693.8664
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Atlanta, Georgia - The trustee of a medical practice’s employee benefit plan in
Humboldt, Tennessee, has agreed to restore more than $28,000 to the plan to settle a
lawsuit filed by the U.S. Department of Labor. |
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The department’s lawsuit against the fiduciaries of the Beryl Yancey, M.D.
Money Purchase Plan was resolved on October 31, 2002. Restored amounts will include
promised employer contributions as well as interest and lost earning on plan
assets that had been used by the medical practice, according to a consent
judgment entered in federal district court in Jackson, Tennessee. |
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Dr. Beryl G. Yancey, plan trustee and sole proprietor of the general medical
practice, also agreed to be barred permanently from serving any employee benefit
plan governed by the federal pension law. |
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According to the consent judgment, Yancey will be replaced by Larry Lefoldt
of Lefoldt & Co. of Ridgeland, Mississippi as the independent fiduciary of the
money purchase plan. He will serve as trustee, plan administrator and in any
other fiduciary role necessary to administer the plan, including distribution to
the plan participants and, if necessary, termination of the plan. |
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“This action demonstrates our commitment to protect the hard-earned
benefits of American workers,” said Howard Marsh, director of the department’s
Atlanta regional office of the Pension and Welfare Benefits Administration,
which investigated the alleged violations of the Employee Retirement Income
Security Act (ERISA). |
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Employers and workers can contact the Atlanta regional office at
404.562.2156
or PWBA’s Toll-Free Employee and Employer Hotline number at 1.866.275.7922, for help with problems relating
to private-sector pension and health plans. |
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(Chao v. Beryl G. Yancey et al
Civil Action No 02-1219) |
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U.S. Department of Labor
news releases are accessible on the Internet. The information in this news
release will be made available in alternate format upon request (large
print, Braille, audio tape or disc) from the Central Office for Assistive
Services and Technology. Please specify which news release when placing
your request. Call 202.693.7773 or TTY 202.693.7755. |
