Eagles’ Vick still dogged—this time by pension woes — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
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Eagles’ Vick still dogged—this time by pension woes

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in Employee Benefits Program,Human Resources

Philadelphia Eagles backup quarterback Michael Vick may be back in the NFL, but the litigation continues.

Vick paid hefty fines and served 18 months in prison following a 2007 plea agreement with state and federal prosecutors for his role in a dog-fighting ring. But part of that settlement spelled additional legal troubles for Vick.

One of Vick’s companies—MC7, LLC—had nine employees who participated in a defined benefit pension plan covered by the Employee Retirement Income Security Act (ERISA). The U.S. Department of Labor’s Employee Benefits Security Administration discovered that pension funds were improperly diverted to Vick to pay his criminal restitution. Now Vick must pay $400,000.

Vick’s financial advisor must pay $369,431 in compensation to MC7’s pension plan.

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