New Market employees missing money from 401(k) plans

(WBIR - New Market) New Market city employees say they are missing thousands of dollars from their 401(k) plans.

Sgt. Joey Knight said he's one of those employees.

Sgt. Knight has worked for the New Market Police Department for nine years, protecting the community of about 1,500 from those breaking the law. Now, he said he's a victim.

"One of our other officers who works there came to me and he asked me if I had looked at my 401(k) papers lately and I said, 'No, I don't really look at them,' and he said, 'You might want to look at them.' So I had a couple at the house and I opened them up and come to find out for the last two or three years nothing had been put in my 401(k), but the money had been taken out of my check every week," he said.

Sgt. Knight says he and at least two other city employees who are missing thousands of dollars started voicing their concerns to city leaders.

"'We don't know'. That's the only answer we've ever gotten, 'we don't know,'" Sgt. Knight said.

"We found out since sometime last summer, I think it was, that money hadn't been going where it was supposed to," said Alderman Ross Cunningham.

Cunningham said city and state officials are aware of those concerns and are investigating, but they have not pinned blame on anyone.

"I have an idea, but until the investigation is over there are things I can't say with the ongoing investigation," Alderman Cunningham said.

While that investigation continues, Sgt. Knight wants to know if he'll be paid the money he's due.

"It's a little over $6,500. None of us have even thought about how much interest that would have made over the past three or four years. We just want our money back that we put into it," he said.

Alderman Cunningham said although the City of New Market is strapped for cash, the city plans to repay those who are missing their 401(k) investments "as soon as possible". He said this could have been going on for about five years.

Mayor Charles Guinn was unavailable. Someone who answered the mayor's home door said Mayor Guinn was at his vacation home in Virginia.

Recently, two New Market city employees were accused of stealing $40,000 from the Jefferson County town.


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