Subscribe (Free) to
Daily or Weekly Newsletters
Post a Job

Featured Jobs

Pension Manager

Trane Technologies
(Davidson NC / Hybrid)

Trane Technologies logo

DC Plan Consultant/Administrator

Dynamic Pension Services, Inc.
(Remote / Dayton OH)

Dynamic Pension Services, Inc. logo

Distribution Reviewer

Nova 401(k) Associates

Nova 401(k) Associates logo

Business Development Director

AimPoint Pension Group
(Remote / Pompano Beach FL)

AimPoint Pension Group logo

Defined Contribution Account Manager with a Life!

Nova 401(k) Associates

Nova 401(k) Associates logo

View More Employee Benefits Jobs

Free Newsletters

“BenefitsLink continues to be the most valuable resource we have at the firm.”

-- An attorney subscriber

Mobile App image
LinkedIn icon     Twitter icon     Facebook icon

Press Releases by Date   |   Press Releases by Company Name

View More Press Releases by Employee Benefits Security Administration [EBSA], U.S. Department of Labor

Press Release

DOL Reaches Agreement to Distribute Assets to Eligible Participants of Sacred Heart Hospital Profit-Sharing 401(k) Plan

Issued by Employee Benefits Security Administration [EBSA], U.S. Department of Labor

Aug. 13, 2018

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

Acosta v. Payawal, Novak and the Sacred Heart Hospital Profit Sharing 401(k) Plan

Civil Action No. 1:18-cv-00609


View More Press Releases by Employee Benefits Security Administration [EBSA], U.S. Department of Labor

Editor's note: This press release has been issued by the company named above, not BenefitsLink. Reliance on information in this press release might be prudent only after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by BenefitsLink.

© 2023, Inc.