HomeBanc gets court permission to terminate employee 401(k) program

By Reshmi Basu

New York, Oct. 16 - HomeBanc Mortgage Corp. received court approval to terminate its 401(k) plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, HomeBanc said in light of the closure of its loan origination business and continued wind-down of its operations, the company can no longer justify the expense associated with the 401(k) program, under which the company matches contributions with $0.25 per every dollar contributed by a plan participant.

HomeBanc, an Atlanta-based mortgage banking business, filed for bankruptcy on Aug. 9. Its Chapter 11 case number is 07-11079.

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