Fiduciary Counselors Inc. is the independent fiduciary of the Trust Advisors Stable Value Plus Fund (the "Fund"), which filed a voluntary bankruptcy petition on September 30, 2005. On the same day, Circle Trust Company (“CTC”), trustee of the Fund, was put into receivership and Connecticut State Banking Commissioner John P. Burke was named as receiver.
On October 31, 2005, the U.S. Department of Labor sued Circle Trust Company to restore losses on imprudent and risky investments made by the Fund. On
October 3, 2006, the DOL announced that it had reached a settlement
with Circle Trust and others returning $8.8 million to the Fund. Fiduciary Counselors announced further details of the settlement and its impact on TASVPF distributions, including an additional $4.6 million in exchange for the Fund's illiquid interest in Milestone Plus Partners, LLC.
The Fund emerged from bankruptcy on August 14, 2006. Distributions were made to the qualified retirement plans that invested in the Fund in 2006, representing more than 101.8% of pre-bankruptcy account balances. The list of plan and trust investors (equity holders) [2.29MB] filed with the Court on January 12, 2006 shows the value of each account on September 30, 2005, and is the basis for investors’ legal rights in the Fund’s bankruptcy proceedings.
Trust Advisors Stable Value Plus Fund (TASVPF) made two rounds of distributions to investors (plans) in September and October, 2006 and has continued to make distributions as additional plans provide valid instructions. The amount returned to investors was more than 101.8% of the pre-bankruptcy value of their accounts. See Questions and Answers re: TASVPF Distributions for a breakdown of distribution percentages. |
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At the end of 2009, Fiduciary Counselors transferred all remaining assets of the Trust Advisors Stable Value Plus Fund to Reliance Trust Company. |
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Fiduciary Counselors began the final distribution from the Trust Advisors Stable Value Plus Fund (TASVPF) on Monday, March 31, 2008. This final distribution was less than one half percent of each Plan’s original 9/30/05 account value, and distribution was made to each Plan, unless the total amount to be wired was less than the cost of the wire transfer ($25).
Approximately 200 plans do not have current wire transfer instructions on file with the Fund. Plans that need to submit new wire transfer instructions, including Plans that have not yet received previous distributions, should submit a notarized TASVPF Distribution Form, which can be obtained from Fiduciary Counselors at stablevalue@fiduciarycounselors.com. Distributions are processed as they are received. |
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Trust Advisors Stable Value Plus Fund (TASVPF) has reached a settlement of potential claims against Schwartz & Hofflich, former accountant for the Fund. The Fund will receive $600,000 which is included in the final distribution. |
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Fiduciary Counselors filed the TASVPF 5500 form for 2006 on October 15, 2007. |
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Fiduciary Counselors filed the TASVPF 5500 form for 2005 on October 16, 2006. |
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Distributions are made to the qualified retirement plans that invested in the Fund, not to individuals. Individual participants who invested in the Fund should contact their plan administrator. |
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