Federal Court Names Independent Fiduciary for Abandoned WA Aerospace 401(k)
A federal court has appointed AMI Benefit Plan Administrators to oversee a frozen 401(k) plan, unlocking retirement savings for 59 former employees.
The U.S. Department of Labor secured a federal court order appointing an independent fiduciary to take control of an abandoned 401(k) plan tied to a defunct Arlington, Washington, aerospace firm, giving dozens of former workers long-delayed access to their retirement savings.
The U.S. District Court for the Western District of Washington named AMI Benefit Plan Administrators Inc. to manage the Commercial Aircraft Interiors LLC 401(k) Plan, which has been frozen since the company ceased operations in 2023. The plan holds roughly $260,000 in assets spread across 59 participants who had been unable to withdraw funds because the only available company representative lacked the legal standing required to authorize distributions.
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The Employee Retirement Income Security Act mandates that all employee benefit plans operate under named fiduciaries. When that oversight lapses — as it did after Commercial Aircraft Interiors shut down — participants lose the ability to obtain account information or collect benefits. The newly appointed fiduciary is authorized both to distribute assets to eligible former employees and to formally terminate the plan.
"The appointment of an independent fiduciary will give the participants in the Commercial Aircraft Interiors plan access to the funds that rightly belong to them," said Liam Roberts, district director for the Labor Department's Employee Benefits Security Administration in Seattle. Officials urged any worker with an abandoned retirement plan to contact the agency for assistance.
EBSA oversees benefit protections for more than 155 million workers and retirees across roughly 837,000 private retirement plans and 2.8 million health plans, collectively holding about $15.2 trillion in assets. Workers seeking help with abandoned or mismanaged plans can reach the agency at askebsa.dol.gov or by calling 866-444-3272. Continue reading at DOL News Releases and Briefs.
