- 45 - 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; andPage: Previous 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 NextLast modified: March 27, 2008