Press Release
☷Judgment removes president of defunct Cherry Hill manufacturer as 401 k plan fiduciary appoints independent fiduciary to distribute $47K in assets
U.S. Department of Labor ( By Press Release office)
Feb 29,2024
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In a recent development , the president of a closed - down company in Cherry Hill has been removed as the fiduciary of their 401 ( k ) plan . The U . S . District Court for the District of New Jersey granted a motion for default judgment , following a complaint by the U . S . Department of Labor . The investigation revealed that the company , Marlton Pike Precision LLC , failed to properly administer the plan and distribute assets to participants . As a result , an independent fiduciary has been appointed to oversee the distribution of $47 , 891 to three participants . All expenses related to this process will be charged to the former president ' s account within the plan . The Department of Labor emphasized the importance of protecting employees ' retirement funds and ensuring proper administration of such plans .
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