U Of Puerto Rico Plan Trustee Wants Clarity On Asset Transfer

Law360, New York (July 27, 2017, 7:52 PM EDT) -- The trustee for a benefits plan for University of Puerto Rico employees has asked the judge overseeing the territory's landmark restructuring case if it can legally transfer fund assets, as the school has demanded, after it declined to distribute $33 million in emergency early withdrawal requests due to the island’s insolvency.

Out of an excess of caution, Voya Institutional Trust Company asked U.S. District Judge Laura Taylor Swain last week if it has the authority to transfer funds from a deferred compensation plan it holds for...
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