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2005, Dr. Durante received life insurance coverage of $1,804,135
to $1,864,269 through the Dr. Durante policy.
XIII. Acquisition of STEP
STEP was acquired from Teplitzky & Co. in February 2002 by
STEP Acquisition Group, Inc. Afterwards, SPSI offered
participants three options. Option A was “To continue
participation in the STEP Plan & Trust as the Plan is now and as
it is amended from time to time.” Option B was “To terminate our
participation in the STEP Plan & Trust and to have 80% of the
potential severance benefit paid out to each of our employees
over a 24 month period.” Option C was “To terminate our
participation in the STEP Plan and rollover 90% of the potential
severance benefit to purchase new insurance policies to provide
death benefit protection in the BENISTAR 419 Plan and Trust.”
The STEP plan does not provide for any of these options. On June
28, 2002, Dr. DeAngelis signed a STEP “Option Selection Form”
stating that VRD/RTD had decided “To continue participation in
the STEP Plan & Trust as the Plan is now and as it is amended
from time to time.”
XIV. Recordkeeping for the STEP Plan
STEP maintained its records of employer contributions;
insurance policy premiums; potential severance benefits; policy
values; termination, surrender, or withdrawal dates; forfeitures;
severance payments; “frozen” potential severance benefits; and
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Last modified: March 27, 2008