Fortunoff, The Source benefit plans

IFS has been serving since 2003 as the independent fiduciary for two retirement plans (one cash balance plan and one profit sharing plan) sponsored by Fortunoff with respect to a Long Island, New York warehouse the plans purchased from one of the Fortunoff companies in 1992 and leased back to the company. Acting for the plans, IFS had taken steps to bring the plans and the company into compliance with the terms of the lease, agreed to a lease extension and supported a successful application to the Department of Labor for a prohibited transaction exemption permitting the lease extension. IFS determined that it would be in the interest of the plans to sell the property. Working with one of the leading regional brokerage firms, IFS identified an unrelated purchaser and completed an all-cash sale of the property at a significant premium over the most recent appraised value.