The U.S. District Court for the District of Maryland ordered engineering firm Bicallis LLC and its owner, Bryan Hill, to restore missing contributions to the Bicallis LLC 401(k) Plan.
The court order followed an investigation by the Department of Labor’s Employee Benefits Security Administration (EBSA).
EBSA found put that company matching and safe harbor contributions were owed but not made to the 401(k) plan from October 2017 through December 2019.
The court ordered Hill to “irrevocably forfeit” his share of $388,458 and directed the trustee to distribute the assets to an independent fiduciary to satisfy Hill’s obligations for damages.
AMI Benefit Plan Administrators Inc. has been appointed to serve as the independent fiduciary.
