NFL quarterback Michael Vick will repay at least $416,461 that the Labor Department said he took from a pension plan sponsored by a company he owned to help pay off debts tied to his 2007 dogfighting conviction.
Vick, currently with the Philadelphia Eagles, was accused of making prohibited transfers from the pension plan of his celebrity marketing company, MV7 LLC, from March 7, 2007, to July 7, 2008. The repayment is part of a consent judgment Vick reached with the U.S. District Court in Newport News, Virginia.
The Labor Department accused Vick of using the plan money to partially pay criminal restitution and attorney fees, according to a Labor Department news release.
Labor Department spokeswoman Gloria Della said the case did not go trial and was resolved through consensual agreements.
Under the consent judgment, Vick also will forfeit his right to benefits from the plan and be prevented, along with others associated with the plan withdrawals, from serving in a fiduciary capacity to any ERISA plan.
Vick also will pay a civil monetary penalty imposed by the Labor Department and will pay all expenses associated with closing the plan. Della said the civil monetary penalties generally equal about 20 percent of the total amount recovered.
Neither of Vick’s attorneys, Paul K. Campsen and Michael Blumenthal, could be reached for comment.
Filed by Timothy Inklebarger of Pensions & Investments, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.
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