US Labor Department files suit, seeking appointment of independent fiduciary for abandoned New York City retirement plan

Date of Action: March 6, 2014

Type of Action: Complaint

Name(s) of Defendant: Council on Economic Priorities Inc. 403(b) Retirement Plan

Allegations: The plan was established in January 1993 by The Council on Economic Priorities Inc., also known as The Center for Responsibility in Business, which was also the plan’s administrator. The company, whose last known address was 30 Irving Place in Manhattan, went out of business in or around 1998 and exists without a trustee. Since 1998, no individual or entity has come forward to assume fiduciary responsibility for the plan or to distribute its assets. The Metropolitan Life Insurance Co. is the plan’s custodian. Without a duly appointed trustee or fiduciary, the custodian cannot release the plan’s $115,538 in assets to its remaining 11 participants.

Resolution: The Department is asking the court to appoint an independent trustee and fiduciary to administer the plan and distribute its assets to its participants and beneficiaries.

Court: U.S. District Court for the Southern District of New York

Docket Number: 14-CV-1555

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.