Tag: Employee Benefit Security Administration

Fiduciaries of the Sacred Heart Hospital Profit-Sharing 401(k) Plan failed to administer the plan after the hospital operations ceased in 2013, according to the DOL.

A multi-agency investigation found that from approximately May 2011 through August 2012, the business owner unlawfully embezzled and converted approximately $31,403 in deferred contributions from employees.

The compliance assistance program will increase awareness and understanding about basic fiduciary responsibilities when operating a retirement plan.

The compliance assistance program will increase awareness and understanding about basic fiduciary responsibilities when operating a retirement plan.

The trustee is ordered to pay $234,271 in restitution, serve a year of probation and be barred from serving as a fiduciary to a benefit plan for 13 years.