Free Memorandum in Opposition to Motion - District Court of Connecticut - Connecticut

I s Case 3:03-cv-00383-W_|G Document 245-2 Filed 10/21 /2005 Page 1 of 2
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‘ rerblome/p antie . I I A 3 a ‘
V mmiding _ I
TEL. (060) 747-5586 I
FAX (860) 747-4832
I March 09, 2005 -
John M. Wiblyi .
205 Falls Brook Road _
Bristol, CT 06010 I
‘ Dear John; -
_ This letter serves to address the history and issues you have presented regarding your
retirement benefit under the Wasley Products, Inc. Pension Plan. We would like to
emphasize, John, that we understand your concerns in this matter and will continue to
I make every effort to respond appropriately. What follows is a brief summary of the
history ofthe facts relating to your benefit election and the manner in which you have
been receiving benefits.
Having received various explanations of modes of benefits, which may be payable to
participants and/or their beneficiaries under the Wasley Products Pension Plan, in July
l98'l', you elected a Normal Retirement with a Joint & Survivor 100% continuation. As
l such, you elected to receive a monthly pension of $1388.93 for your lifetime, with the
§ provision that if your spouse survived you the payment of $1388.93 would continue for
your spouse’s lifetime.
During the first year of your retirement, your monthly pension beneht checks were issued _
Ito you frornra Trustee held retirement plan account with State Street Bank and Trust
I Company. Commencing July .1988 the pension fund account was transferred to Union
I Trust Company and payments for continued benefits were issued direct to you from
Union Trust. in a letter dated April 2, 1991 you were notified by letter under the p
signature of Barry L. Bulakites that c:`ective with your April 1991 payment, Provident I
I Mutual would assume responsibility for sending out your benefit checks as new pension
I plan administrators. Our records iirrther show that nom May through November 1991 .
there were several communications to you hom Barry Bulalcites regarding potential
_ options to restructure the mechanism for payment of your retirement benefit.
I As a result of those discussions, you agreed with the proposal to firnd your retirement
with a Life Annuity & Insurance product. On November 6, 1991 with an income
commencement date of December 1991, a single premium Life Annuity contract was
· ‘ ‘ purchased in your name with Provident Mutual Life Insurance Company of Philadelphia.
I To date your monthly life annuity payments of $1388.93 have been issued under this
I contract (2002 Provident Mutual Life Insurance Company Plan of Conversion was a
I approved and was officially changed to "Nationwide Life and Annuity Company of
America"). Also on November 01, 1991 an- insurance policy was issued by Provident
Mutual, owned by the Trustees of the Wasley Products, Inc. Pension Plan, as a funding
. _ THE WASLEY GROUP, 87 SPRING LANE, PLAINVILLE, CONNEGTKJUT 06062-1191 USA

g g Case 3:03-cv-00383-WIG Document 245-2 Filed 10/21 /2005 Page 2 of 2
{ John M. Wiblyi I I
Q March O9, 2005
E Page 2
mechanism within the Plan for the future Joint & Survivor portion of your retirement
election. , ‘
During the period of approximately November and December 2002, Wasley Products
g made a decision to change Third Party Administrators. Subsequent to the termination of
the TPA, the Trustees Hled a civil action in U.S. District Court in Connecticut against the
TPA and various individuals arising out of improprieties in connection with the TPA’ s
l . administration of the Plans.
In April, 2003 Wasley conducted an in-depth review of history activity reports with
Provident Mutual and, as a result, Wasiey reported to you that the insurance policy held
by the Plan originally intended to assist in flinding your Joint & Survivor election had
been “surrendered"- This particular matter was specifically addressed as part ofthe
proceedings in connection with the District Court lawsuit, which is ongoing.
Regardless of what internal iiinding mechanisms are utilized at any given time to provide
- retirement benefits or changes that occurred over the years, your Joint & Survivor benefit
- - entitlement is an obligation ofthe Plan. This specific obligation continues to be included
· in our annual valuations and remains a liability ofthe Plan. It is not possible to respond
· to hypothetical questions regarding potential future events, but we can confirm that
payment of the Joint & Survivor benefit to your spouse upon the event of your death
` remains an obligation ofthe Plan.
We trust that the information set forth in this letter provides the factual information
- responsive to your questions. Please contact me if we can be of further assistance.
‘ Very ours, _
_ ` Alan A Wasley I