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Press Release DOL Obtains Consent Order and Judgment to Distribute Assets to Participants in Chicago Hospital Retirement Plan |
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Issued by Employee Benefits Security Administration [EBSA], U.S. Department of Labor Oct. 23, 2018 |
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CHICAGO, IL, October 19, 2018 - The U.S. Department of Labor obtained a consent order and judgment requiring the appointment of an independent fiduciary to the Sacred Heart Hospital Profit Sharing 401(k) Plan. The independent fiduciary will manage and distribute assets of the Chicago-based retirement plan to its nine participants. An investigation by the U.S. Department of Labor's Chicago office of the Employee Benefits Security Administration (EBSA) found that the fiduciaries - former Chief Financial Officer Roy M. Payawal and former President Edward J. Novak - violated the Employee Retirement Income Security Act (ERISA) by failing to administer the plan after hospital operations ceased in 2013. Under the terms of the consent order and judgment, Payawal and Novak will fund $3,973.75 in an escrow account to cover the cost of the court-appointed independent fiduciary, Lefoldt & Co. (Lefoldt). Lefoldt will issue distributions to the remaining participants and terminate the plan. As of February 2017, the plan had approximately $93,446 in assets. "This consent order and judgment ensures that employees who participated in the hospital's profit-sharing plan will have access to their hard-earned retirement benefits and protects their future," said Employee Benefits Security Administration Regional Director Jeffrey Monhart, in Chicago. "Fiduciaries must work solely in the interest of plans and participants." The court also permanently enjoined Payawal and Novak from serving as a fiduciary to any employee benefit plan in the future. Employers and workers can reach EBSA toll-free at 866-444-3272 for help with problems related to private sector retirement and health plans. Additional information can be found at http://www.dol.gov/ebsa. Acosta v. Payawal, Novak and the Sacred Heart Hospital Profit Sharing 401(k) Plan BL:hh |
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