US Department of Labor sues former CEO of Charlotte, NC, Web
development company to restore more than $100,000 to 401(k) plan
CHARLOTTE, N.C. – The U.S. Department of Labor is suing Garrison Enterprises’ former chief executive officer and chairman of the board, Cameron Garrison, to restore $103,481.37 to the Web development company’s 401(k) pension plan. The lawsuit follows an investigation by the department’s Employee Benefits Security Administration that found employees’ contributions to the 401(k) plan had been commingled with the general assets of the company, a violation of the Employee Retirement Income Security Act.
“Employees contribute to their retirement plans with the expectation that the funds will be there when needed,” said Isabel Colon, director of EBSA’s regional office in Atlanta. “The Labor Department will not tolerate the diversion of these funds for other uses.”