Word: alcotec
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...employers are not the only ones who can raid worker benefits. Steve Anderson, the president of AlcoTec Wire, a small manufacturer of aluminum wire in northern Michigan, wondered last year why employees who left to join other companies failed to receive their 401(k) settlement checks on time. The trail led to the Honer, Timberlake Pension Services firm. Charles Timberlake, the trustee for AlcoTec's plan, admitted to stealing what turned out to be nearly $365,000 of 401(k) money. "We got the whole tearful confession," Anderson says. "He just targeted our company." Fortunately for AlcoTec, its private insurance...
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