Bankrupt Team America to Appoint Manager
COLUMBUS, Ohio (AP) _ More than 5,000 employees in 32 states again will have access to their retirement savings plans as part of an agreement with a bankrupt human resources company.
Team America Inc. will turn over management of the plans to Aspen Pension Administrators Inc. of Albuquerque, N.M., as part of a deal with the U.S. Department of Labor.
The department alleges that no one was in charge of $30 million worth of 401(k) assets formerly managed by Team America after company president Ted Crawford resigned in September. That violates the Employee Retirement Income Security Act.
Before Team America, based in suburban Worthington, filed for Chapter 11 bankruptcy in October, it handled payroll and other human resources functions, including retirement funds, for more than 1,000 small- and medium-sized businesses with about 9,000 employees.
Many workers also were left without health care coverage or paychecks after the company shut down.