Opinion ID: 855052
Heading Depth: 3
Heading Rank: 1

Heading: caaig

Text: CAAIG was established as an ERISA welfare benefits plan for the purpose of providing sickness, accident, life, disability and other welfare benefits for the employees of not-for-profit antipoverty agencies. At all relevant times, the participating employers consisted of Economic Opportunity Commission of Nassau County, Inc. (EOC Nassau), Economic Opportunity Council of Suffolk, Inc. (EOC Suffolk), Yonkers Community Action Program, Inc. (Yonkers CAP), and LIHS. Pursuant to a trust agreement dated October 4, 1983 (the Trust Agreement), the CAAIG Trust Fund (the Trust) was established to effectuate the purposes of the Plan. Section 2 of the Trust Agreement provided that the participating agencies had authority to administer the Plan. The agencies delegated their authority to their respective chief executive officers, who were to act as trustees (the Trustees) upon the direction of the agencies. - 4 - In exercising their powers and duties, section 3.4 of the Trust Agreement required the Trustees to act solely in the interest of the plan participants and other persons entitled to benefits [thereunder], for the exclusive purpose of providing benefits to participants and defraying reasonable expenses of administering the Trust, and [w]ith the care, skill, prudence, and diligence of a prudent person in like circumstances.