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because Delta Airlines had bought out Western and did not wish to
continue Western's pilots' Plan.
Petitioner met with Thomas Supinski of the Western Federal
Credit Union (credit union) regarding the rollover of his Plan
distribution. Mr. Supinski and the credit union were attempting
to assist Western's employees to roll over their distributions
into individual retirement accounts (IRA). The credit union had
been connected with Western, petitioner's former employer. Mr.
Supinski recommended the use of the First National Bank of Onaga,
Kansas (Kansas bank), to open an IRA. As of August 17, 1990,
petitioner had completed an IRA application and a rollover
certification with the Kansas bank. Petitioner also executed a
trading authorization that appointed Thomas Supinski as the IRA
account representative of account No. 41003212, which was applied
for at the Kansas bank.
In addition to the cash distribution, petitioner expected
that he would receive a distribution, in kind, of illiquid assets
and that the Kansas Bank would be trustee for the assets that
might be received by the IRA account. The illiquid assets
represented about 9 or 10 percent of the total amount to be
distributed from the Plan to Western pilots, including
petitioner. It was Mr. Supinski's understanding that
petitioner's Kansas bank IRA was exclusively for the illiquid
assets. Petitioner did not understand that the Kansas bank IRA
did not cover the cash portion of the Plan distribution. Mr.
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