A federal court in Illinois has found David Rine and Julieta Mitra, president and owner, respectively, of Home Bound Healthcare, in default after they failed to respond to a complaint the Department of Labor filed on March 31 concerning the company’s 401(k) plan. The court ordered Rine, Mitra and the company to repay $85,402 to the company plan.
The filing, on behalf of the Secretary of Labor, followed an investigation by the department’s Employee Benefits Security Administration that found that the now-defunct Flossmoor, Illinois-based Home Bound Healthcare, Rine and Mitra failed to remit $59,921 in employees' voluntary salary deferral contributions and loan repayments to the Home Bound Healthcare 401(k) plan for certain payroll periods between April 1, 2016, and Aug. 16, 2019.
The investigation also found that the 401(k) plan suffered an additional $25,481 in lost opportunity costs, calculated through Aug. 3, 2022.
In addition to repaying the plan, the court ordered that Rine and Mitra be removed as fiduciaries, trustees and administrations of the Home Bound Healthcare 401(k) and that the two be permanently enjoined from violating ERISA and from serving as fiduciaries or service providers to any ERISA benefit plan in the future.
Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.
CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.
The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.
Employee accounts, crypto trials and job cuts frame a pivotal year for the Swiss lender.
New name draws on founder's family history as consolidation reshapes the broker-dealer landscape.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
