The judgment, entered on September 11, 2003, also removes the company and trustee Dale Francis from their positions with the plan.
McDonald Investments, located in Birmingham, Michigan, will have authority to terminate the plans and distribute the assets to eligible participants.
The department filed a lawsuit simultaneously with the judgment, alleging that Heritage Financial
had not appointed a successor trustee when Francis
abandoned the plan, with the result that participants and beneficiaries have been unable to obtain distributions from their accounts. Francis is the former president and sole owner of Heritage Financial.