- 53 -
Lakewood Plan used both withdrawals to pay C-group term policy
premiums for Drs. Hirshkowitz and Desai. The Lakewood Plan paid
$30,153.10 of charges on its deposits and $4,138.44 of surrender
charges on its withdrawals. The $26,784.67 difference between
the (1) total deposits into the account ($177,250.54) and (2) sum
of the charges ($34,291.54) plus total withdrawals ($169,743.67),
represents interest.
3. Commonwealth Sygnet 24 Group Annuity Effective in 1993
Effective December 30, 1993, Commonwealth issued to the
Lakewood Plan a second Sygnet 24 group annuity (#D11794/D90214).
The Lakewood Plan deposited $75,551.50 into the annuity on the
day it was effective and closed the annuity on November 25, 1996,
withdrawing $65,078.20. The Lakewood Plan paid a $15,865.68
charge on its deposit and a $3,436.85 surrender charge on its
withdrawal. The $7,042.45 difference between the (1) deposit
($75,551.50) and (2) sum of the charge ($3,436.85) plus
withdrawal ($65,078.20) represents interest.
Beginning in 1992, Lakewood purchased outside of the SC VEBA
three Peoples Security C-group term policies. Lakewood owned
these policies and deducted the underlying premiums as VEBA
contributions. The attributes of these policies are as follows.
1. Dr. Desai’s Peoples Security C-Group Term Policy
Effective August 15, 1992, Peoples Security issued a
$1,005,000 C-group term policy (certificate No. 7003612) on the
Page: Previous 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 NextLast modified: May 25, 2011