Tuesday, February 9, 2016
UJA-Federation of New York Seeks $40M From Bankrupt FEGS
The biggest unsecured creditors in the bankruptcy case of the massive social service charity FEGS Health & Human Services are seeking tens of millions of dollars for a joint retirement plan serving thousands who work for New York Jewish charities.
The claims, by UJA-Federation of New York and by a government agency that insures private retirement plans, are for funds owed by FEGS to a large federation-sponsored retirement plan in which FEGS participated.
UJA-Federation claims that FEGS owes more than $40 million to the plan, both for past due annual contributions and for a so-called “withdrawal liability” for effectively leaving the plan. . .