Bloomberg Law
May 25, 2023, 4:34 PM

Illinois Medical Practice Must Restore $90,000 to 401(k) Plan

Bloomberg Law Automation
Bloomberg Law Automation

An Illinois medical practice, along with its owner, have been ordered to restore $90,000 to the company’s 401(k) plan after failing to properly handle plan funds, according to the Labor Department Thursday.

Chicago Metropolitan Obstetricians and Gynecologists Ltd. and Ernest Hayes allegedly failed to remit over $80,000 in employees’ voluntary salary contributions to the company’s 401(k) plan over the course of four years. The Harvey, Illinois company also allegedly failed to remit employer contributions owed to the employees.

Hayes previously returned $10,000 to the plan, and under the consent judgment he will return the remaining balance of $80,000 in ...

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