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Press Release DOL Reaches Agreement to Distribute Assets to Eligible Participants of Sacred Heart Hospital Profit-Sharing 401(k) Plan |
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Issued by Employee Benefits Security Administration [EBSA], U.S. Department of Labor Aug. 13, 2018 |
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CHICAGO, IL, August 10, 2018 - The U.S. Department of Labor has entered into an agreement with the fiduciaries of the Sacred Heart Hospital Profit-Sharing 401(k) Plan to appoint an independent fiduciary to manage and distribute assets of the Chicago-based retirement plan to its nine participants. The agreement is part of a consent judgment filed and approved by a federal judge. 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. "This settlement ensures that employees who participated in the hospital's profit sharing plan will have access to their hard-earned retirement benefits," said Employee Benefits Security Administration Regional Director Jeffrey Monhart, in Chicago. "Fiduciaries must work solely in the interest of plans and participants." Under terms of the consent judgment, the court appointed Lefoldt & Co. to be the plan's independent fiduciary and ordered Payawal and Novak to fund $8,906 in an escrow account to cover Lefoldt's cost. The fiduciary will issue distributions to the remaining participants and terminate the plan that, as of February 2017, had approximately $93,446 in assets. The judgement also permanently enjoins 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 https://www.dol.gov/ebsa. Acosta v. Payawal, Novak and the Sacred Heart Hospital Profit Sharing 401(k) Plan Civil Action No. 1:18-cv-00609 BL:hh |
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