Receivership Management, Inc.

 

P. O. Box 2307  Brentwood, TN  37024  (615) 370-0051   Fax (615)  373-4336

 

 

 

IMPORTANT NOTICE REGARDING THE CASTLETON GROUP, INC. 401(K) PLAN

 

October 29, 2008

 

 

Re:       The Castleton Group, Inc. 401(k) Plan, a multiple employer 401K plan

 

Dear Participant:

 

On October 2, 2008, the U.S. Bankruptcy Court for the Eastern District of North Carolina issued an Order removing Suzanne Clifton and appointing Jeanne B. Bryant as successor Trustee, fiduciary and plan administrator over the Castleton 401K Plan. Receivership Management, Inc. is assisting Ms. Bryant in the administration of the Castleton 401K Plan (the “Plan”). You are receiving this notice because plan records indicate you are or were a participant in the plan.

 

The Court has also issued an Order freezing all distributions from the Plan.  However, you may continue to direct your investments through the Transamerica website at www.TA-Retirement.com or you may contact Transamerica at 1-800-401-8726 Monday thru Friday 8A.M. to 8P.M. Eastern Time. This freeze is to remain in effect until the Court is advised that certain corrective actions have been taken. These corrective actions include resolving issues relating to Castleton’s actions as plan administrator, compliance with federal reporting laws, and completion of an audit of the plan.  These steps are necessary to preserve the tax qualified status of the Plan. After completion of these tasks and the resolution of issues pending with the IRS and the U.S. Department of Labor, Ms. Bryant and Receivership Management, Inc. intend to file a report and seek permission from the U.S. Bankruptcy Court to begin the termination process.

 

The Court Orders referred to in this notice can be seen at www.receivermgmt.com/Castleton/Orders1and www.receivermgmt.com/Castleton/Orders2

 

Please keep us informed of any change in address. We appreciate your patience during this period and we will be happy to answer your questions as best we can. Should you have any questions regarding this notice or the administration of the Plan, you may call 615-370-0051 and ask to speak with Sarah Forton, 401K claims administrator.

 

Sincerely,

 

Jeanne B. Bryant

Successor Named Fiduciary and Plan Administrator

The Castleton Group Inc. 401K Plan