Free Response - District Court of Connecticut - Connecticut

1 Case 3:03-cv-00383-WIG Document 418-4 Filed Oé/08/2008 Page 1 013 I
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it I Case 3:03-cv-00383-WIG Document 418-4 Filed 08/08/2008 Page 2 of 3
ROBINSON & COLELLP I JERNEYYOMRSC0
280 Trumbull Street l
Hartford, CT 06103-3597
i - n Main (860) 275-8200
Fax (860) 275-8299
g [email protected]
Direct (860) 275-8323
U June 3, 2008 A
.. .,..... ....., .,.,. . ..,..... .. .... . .`..`.. .. .... .... ..,.. .,... . ...... ... .,..,.. .... .. `... .... .. .... .... . ..... . .....
. Thomas G. Moukawsher, Esq.
Moukawsher & Walsh LLC .
21 Oak Street # 209 -
‘ Hartford, CT 06106-8002
Re: Wasley Products and Precision Molding 401(k) Plans
VCP Submissions
Dear Tom: . - `
Enclosed please find copies of the Voluntary Submission Program submissions for __
the Wasley Products and Precision Molding 401(k) Plans (the "Plans”), provided to q
me by Tom Forese of Northeast Retirement Services (NRS). The submissions
include the amendment and restatement of the Plans to the prototype plan that Mr.
Forese mentioned. He did not include copies ofthe documents from the court cases
but you have that information.
n As discussed dtuing our telephone conference with I\/tr. Forese, through these
submissions NRS is asking the IRS for approval of the Plans as qualified (or,
alternatively, that the Plans—and distributions from the Plans-—~will not be
disqualified). NRS is seeking IRS approval as assurance that the distributions under
_ the Plans will not be disqualified and taxable to the participants. lf the Plans are
approved, NRS intends to proceed with distributions to participants from the -Plans.
i R As noted in the submissions, the Plans ultimately will be terminated. NRS, however, _
g does not intend to wait for IRS approval of- the plan terminations before making
l LM, 0]%,,,, distributions to participants. · -
I BOSTON Further, as Mr. Forese stated during our teleconference, NRS has worked with the
E HRRRRORR 1 courts and the Department of Labor to terminate many 401 (k) plans and is making the
E Nw tosses DOL aware of their steps to terminate the Wasley and Precision Plans. ‘
STAMEORD The Plans and their current trustees have been working diligently to resolve the Plan
WMU PLAINS issues and facilitate distributions to participants. The Plans had tried to hire
New YORK cm independent fiduciaries, but could not find anyone willing to take that role until the
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2 . Case 3:03-cv-00383-WIG Document 418-4 Filed 08/08/2008 Page 3 of 3 ·
ROBINSON &COLEap r
Thomas G._l\/loukawsher, Esq.
. June 3, 2008 _
Page 2 l .
plan qualification issues were resolved. `While we cannot predict with certainty as to
how long it will take the IRS to act on these submissions, we hope to receive a i {
decision relatively soon. We will let you know of any further developments. 4
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being taken to address their concerns and that it will not be necessary to proceed with
_ your pending motion to enforce the settlement agreement. If you have any questions, -
please do not hesitate to contact either me or Bruce Barth. In the meantime, as our
response to your pending motion is currently due on June ISH`, please advise me as to ` ”
·· whether (and how) you intend to proceed with the motion. 4 .
i Thank you. I look forward to hearing from you. ` _
- incerely, i
GMM
_ ean E. Tomasco v
Copy to: Bruce Barth (w/o encl.) _ . ` . l
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