Court Appoints Independent Fiduciary for Defunct WA Aerospace 401(k)

The U.S. Department of Labor has obtained a federal court order appointing an independent fiduciary to oversee the abandoned 401(k) plan of Commercial Aircraft Interiors LLC, an Arlington, Washington-based aerospace company that ceased operations in 2023, according to a department announcement.

The U.S. District Court for the Western District of Washington designated AMI Benefit Plan Administrators Inc. to manage the frozen plan, which holds approximately $260,000 in assets on behalf of 59 former employees. Workers had been unable to access their retirement savings because the sole responsive company representative, Charles Pratt, lacked the legal authority to approve distributions.

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The independent fiduciary is now empowered to distribute assets to eligible former participants and formally terminate the plan — steps that were legally blocked without a properly authorized plan manager in place. Under the Employee Retirement Income Security Act, all employee benefit plans must be overseen by named fiduciaries; absent one, participants have no mechanism to claim benefits or even obtain basic account information.

Liam Roberts, district director for the Labor Department's Employee Benefits Security Administration in Seattle, called the appointment a necessary step to return funds to workers who are legally entitled to them. The agency oversees roughly 837,000 private retirement plans and serves as the primary federal watchdog for worker benefit security nationwide.

Former employees of defunct companies who believe their retirement plans have been abandoned can contact EBSA at askebsa.dol.gov or by calling 866-444-3272 toll-free. Continue reading at DOL News Releases and Briefs.