The U.S. Department of Labor has filed suit against TMG National Holdings, a real estate development company based in Chicago, alleging it diverted funds intended for employee retirement benefits.
The complaint alleges TMG CEO Michael Campo failed to deposit payroll deductions into his employees’ retirement plans and used the money for company expenses. The suit also charges Campo illegally transferred retirement plan assets to a third party in violation of the Employee Retirement Income Security Act.
Note: Times are tight and employees’ retirement money may look tempting. Don’t touch it! The Labor Department’sSecurity Administration (EBSA) exists to catch employers with their hands in the pension till. In fact, EBSA recovered $1.2 billion in retirement and health assets during federal fiscal year 2008.
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