EBSA News Brief
Office of Public Affairs Boston MA
For Immediate Release: February 25, 2014
Contact: Ted Fitzgerald or Andre J. Bowser
Phone: (617) 565-2075 or (617) 565-2074
E-mail: firstname.lastname@example.org or email@example.com
Release Number: BOS 2014-027
US Department of Labor secures appointment of independent fiduciary
for abandoned Brooklyn, NY, retirement plan
Perez v. People of Color in Crisis 403(b) Retirement Plan
Date of Action: February 14, 2014
Type of Action: Judgment and Order
Name(s) of Defendant: People of Color in Crisis 403(B) Retirement Plan
Allegations: The plan was established on or about Nov. 1, 2002 by People of Color in Crisis Inc. The company ceased operations in December 2008. From at least 2008, no individual or entity has come forward to assume fiduciary responsibility for the plan or to distribute its assets to the plan’s five participants. There is no fiduciary actively functioning on behalf of the plan. As a result, the plan’s remaining five participants cannot access the plan’s $39,133.41 in assets. The department filed suit in June 2013 seeking the appointment of an independent fiduciary.
Resolution: The court has ordered the appointment of M. Larry Lefoldt, CPA, as independent fiduciary to administer the plan, distribute its assets to the plan participants and beneficiaries and, if necessary, terminate the plan in accordance with applicable plan documents, the Employee Retirement Income Security Act and other applicable federal law.
Court: U.S. District Court for the Eastern District of New York
Docket Number: 1:13-cv-03427-RRM-JMA
U.S. Department of Labor materials are accessible at www.dol.gov. The information above is available in large print, Braille, audio tape or disc from the COAST office upon request by calling (202) 693-7828 or TTY (202) 693-7755.