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Execs ordered to repay more than $600K to retirement plan

Jared Bilski
by Jared Bilski
November 9, 2011
  • Benefits
1 minute read
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Here are two hospital executives who found themselves facing harsh penalties after a Department of Labor (DOL) investigation uncovered some very serious retirement-plan violations.

According to a DOL investigation, the CEO and CFO of USA Star Healthcare Group failed to remit $400K-plus in contributions and loan payments that had been withheld from workers’ checks – and instead held onto those funds and added them to other hospital accounts.

The execs also failed to forward workers’ contributions to the plan in a timely manner, which results in deposits being up to 301 days late, according to the DOL.

In the end, the execs were ordered to repay $600,692 plus interest to the plan. Also, they must pay a 20% penalty and are barred from servicing as service providers or fiduciaries to any ERISA-covered retirement plan in the future.

 

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