Court judgment requires Mokena, Illinois-based company and chief executive officer to restore retirement fund losses

Mokena, Illinois – The U.S. Department of Labor has obtained a default judgment in federal district court in Chicago requiring the plan fiduciary of the TMG National Holdings retirement plan to restore $4,110.80 to the plan for improperly using plan assets to benefit the company.

The judgment also prohibits Michael Campo, chief executive officer of the business, from serving as a fiduciary and/or servicer provider to any ERISA-covered plan.

Defendants Campo and TMG National Holdings violated the Employee Retirement Income Security Act (ERISA) at various times during 2006. The Labor Department lawsuit resolved by this judgment alleged that Campo caused the company to retain participant contributions intended for the plan or failed to remit contributions in a timely fashion. The department also alleged that Campo caused the plan to engage in a prohibited transfer of plan assets to a party in interest in violation of ERISA.

“The Labor Department will continue to help workers obtain their benefits when plan assets are either misused or the plans are abandoned,” said Steve Haugen, director of the Chicago Regional Office of the department’s Employee Benefits Security Administration (EBSA), which investigated the case.

In fiscal year 2008, EBSA achieved monetary results of $1.2 billion related to pension, 401(k), health and other benefits for millions of American workers and their families. Employers and workers can reach the office at 312.353.0900 or toll-free at 866.444.3272 for help with problems relating to private sector retirement and health plans.

Solis v. Michael Campo
Civil Action Number 08-01277

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