RE: THE EVERMEDIA GROUP PROVIDES UPDATE TO ONGOING Release Date: September 3, 2008
Release Number: 08-1222-DAL
Contact Name: Diana Petterson/Elizabeth Todd
Phone Number: 972.850.4709/972.850.4710
San Antonio – The U.S. Department of Labor has sued the owner of defunct Adtech Systems Inc. in San Antonio for improperly using 401(k) assets withheld from employees’ pay to benefit the company in violation of the Employee Retirement Income Security Act.
The department’s lawsuit alleges that from April through November 2005, Eilert Richard Weitzel II, president and owner of Adtech Systems, failed to forward to the company’s 401(k) plan employee contributions deducted from their paychecks. The Labor Department seeks to recover all assets plus interest owed to the plan, correct any prohibited transactions and terminate the plan after all assets are disbursed to eligible participants.
“The department helps workers get their benefits when plan assets are either misused or plans are abandoned,” said Roger Hilburn, director of the department’s Dallas Regional Office of the Employee Benefits Security Administration (EBSA), which investigated the case.
Adtech provided communications and information systems and technologies for federal, state and local governments as well as commercial customers. The company ceased operations in September 2006 due to financial difficulties.
The suit was filed in federal district court in San Antonio. Employers and workers can reach EBSA’s Dallas Regional Office at 972.850.4500 or toll-free at 866.444.3272 for help with problems relating to private sector retirement and health plans.
In fiscal year 2007, EBSA achieved monetary results of $1.5 billion related to pension, 401(k), health and other benefits for millions of American workers and their families.
Chao v. Eilert Richard Weitzel II
Civil Action Number: 5:08-cv-719
U.S. Department of Labor news releases are accessible on the Department's Newsroom page. The information in this news release will be made available in alternate format (large print, Braille, audio tape or disc) from the COAST office upon request. Please specify which news release when placing your request at 202.693.7828 or TTY 202.693.7755. The Labor Department is committed to providing America's employers and employees with easy access to understandable information on how to comply with its laws and regulations. For more information, please visit the Department's Compliance Assistance page.
https://www.dol.gov/ebsa/newsroom/08-1222-DAL.html
WE NEED ONE OF THESE ANNOUCEMENTS for the 2 parties that STOLE from EVRM assests!