V.R. DeAngelis M.D.P.C. & R.T. Domingo M.D.P.C., V. R. DeAngelis M.D.P.C., Tax Matters Partner, et al. - Page 21
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B. Decision to Join Plan
On December 20, 1993, Dr. DeAngelis decided on behalf of
VRD/RTD to join the STEP plan and to provide coverage thereunder
for the participating doctors and for Ms. Quinn. Dr. Borrero
declined to participate in the STEP plan after hearing the
presentation of the representatives of STEP. Dr. Capizzi
initially expressed an intent to participate in the STEP plan but
subsequently decided not to participate in the plan.
In or about late 1993, Mr. Rapp provided Drs. DeAngelis and
Domingo with life insurance policy illustrations reflecting
varying amounts of life insurance benefits and premium costs.
Mr. Rapp informed Dr. Domingo that his projected severance
benefit after 5 years would be $253,000 if he made two annual
contributions of $225,000 and that the projected benefit would
increase annually by approximately $238,000 for each additional
$225,000 contribution that he made annually beginning in year 3.
Mr. Rapp informed Dr. DeAngelis that his projected severance
benefit after 3 years would be $312,000 if he made two annual
contributions of $300,000 and that the projected benefit would
increase by approximately $320,000 for each additional $300,000
contribution that he made annually beginning in year 3.
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Last modified: March 27, 2008