|
|
Article: Retirement-Plan Company Rejected; School System Is Suing to Extricate Its Teachers' Funds From Quads Trust
- Article from:
- The Washington Post
- Article date:
- May 10, 2006
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
|
The Montgomery County school system has severed ties with and is
suing a company that administers retirement plans for hundreds of
teachers after an investigation into the company's financial
practices raised concerns about its reliability.
Sparked by a complaint to the school system, the investigation,
which lasted more than two months, found that Quads Trust Co. had
delayed making investments requested by account holders, had failed
to repay loans on time and had tax liens filed against it by the
state of Maryland, schools officials said yesterday. Officials would
not say who filed the initial complaint.
"There's no accusation of mismanagement or missing money, but the
concern after ...