- 5 -
loans to himself: On February 8, 1984, Morrissey as trustee of
the Defined Benefit Plan executed an installment note whereby the
Defined Benefit Plan lent $13,000 of plan assets to Morrissey at
a rate of interest of 11 percent. On August 27, 1985, Morrissey
as trustee of the Defined Benefit Plan executed an installment
note whereby the Defined Benefit Plan lent $50,000 of plan assets
to Morrissey at a rate of interest of 12 percent. On December 3,
1985, Morrissey as trustee of the Defined Benefit Plan executed
an installment note whereby the Defined Benefit Plan lent $5,500
of plan assets to Morrissey at a rate of interest of 10 percent.
On January 3, 1986, Morrissey as trustee of the Defined Benefit
Plan executed an installment note whereby the Defined Benefit
Plan lent $14,500 of the plan assets to Morrissey at a rate of
interest of 10.5 percent. On February 12, 1988, Morrissey as
trustee of the Defined Benefit Plan executed an installment note
whereby the Defined Benefit Plan lent $20,000 of plan assets to
Morrissey at a rate of interest of 9.75 percent. On December 9,
1988, Morrissey as trustee of the Defined Benefit Plan executed
an installment note whereby the Defined Benefit Plan lent $2,000
of plan assets to Morrissey at a rate of interest of 11.5
percent.
According to the administrative record provided in this case
the six loans and their interest rates were as follows:
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011