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.
STEPHEN MELNYK, ) IN THE COURT OF COMMON PLEAS
Plaintiff ) OF CUMBERLAND COUNTY,
) PENNSYLVANIA
v. )
) CIVIL ACTION - EQUITY
DAUPHIN DEPOSIT BANK, ) {tv'jll
Defendant ) 94- '~'.JV TERM
) REQUEST FOR INJUNCTION
COMPLAINT
AND NOW comes the above-named Plaintiff, by his attorneys,
Andes, Vaughn & Bangs, and makes the following Complaint in this
matter:
1. The Plaintiff is Stephen Melnyk, an adult individual who
resides at 3220 Sunnyside Avenue, Harrisburg, Dauphin County,
Pennsylvania.
2. The Defendant is Dauphin Deposit Bank, a Pennsylvania
banking corporation, which maintains offices at 3045 Market
Street, camp Hill, Cumberland County, Pennsylvania. Dauphin
Deposit regularly conducts businesses throughout Cumberland
County and maintains ten offices within Cumberland County.
3. Venue is proper in Cumberland County because the
Defendant can be gerved, and will be served, in Cumberland
County.
4. Dauphin Deposit is regularly engaged in the business of
receiving funds from the public and investing those funds for a
profit or positive return for its customers. As part of its
regular business, it opens and operates for its customers
1
Individual Retirement Accounts. At all times relevant to this
action, Dauphin Deposit was so engaged.
5. In October of 19B2, in response to advertisements and
representations of Dauphin Deposit, Plaintiff opened an
Individual Retirement Account with Dauphin Deposit. At the time
he opened that account, he executed a contract or agreement with
Dauphin Deposit setting out the terms of the account and
describing the investment return he was to receive. A copy of
that agreement, together with the appendix and tables which were
attached to that agreement, are attached hereto and marked as
Exhibit A. That agreement will hereinafter be referred to as the
"IRA Agreement" and is incorporated herein by reference.
6. Article I of the IRA Agreement expressly provides that
Plaintiff may deposit additional funds into the IRA, including
roll-over transfers from other IRS-qualified tax-deferred
retirement assets.
7. The IRA opened by Plaintiff with Dauphin Deposit offered
various options for the investment of funds once they were
deposited into the IRA. One of those options was the "18 Month
Variable Rate Account" as described in the IRA Agreement.
B. The "Financial Information" attached as Appendix A to
the IRA Agreement, and specifically Subparagraph B of that
Appendix, provides as follows:
B.
deposit.
1B Month Variable Rate Account - No minimum
Additional deposits may be made to this
2
account at any time without extending the maturity
date, so that all funds in the account will mature 1B
months from the date of the initial deposit. The rate
of interest paid on this account will be changed on the
first business day of every month during the term of
the account, and will be based on the average yield of
2 year U.S. Treasury Notes, as determined by the most
recent auction of 2 year U.S. Treasury Notes. However,
Dauphin Deposit Bank ann Trust company will guarantee a
minimum rate of 10%. Interest paid is simple interest,
credited on the quarterly anniversary date of the
initial deposit. A statement of the account will be
issued on each quarterly anniversary date of the
initial deposit. This account is automatically
renewable. If you take no action within 10 days
following a maturity date, principal and all accrued
interest will be renewed for another 18 month term.
Federal regulations require that, if you withdraw all
or a portion of the funds in this account before the
initial or any subsequent maturity date, you must
forfeit 6 months simple interest on the amount being
withdrawn, based upon the interest rate being paid on
the account at the time the withdrawal is made, without
regard to the length of time the funds have been on
deposit. Early withdrawal penalties are waived if the
depositor has attained the age of 59 1/2, or if the
depositor is deceased, or if the depositor is disabled
as defined in section 72(m) (7) of the Internal Revenue
Code.
Based upon the information provided and representations made to
Plaintiff by Dauphin Deposit, specificall~' including the IRA
Agreement and the language quoted above from Appendix A of that
agreement, Plaintiff elected to open the IRA with Dauphin Deposit
and to direct that his funds be deposited into the "1B Month
Variable Rate Account."
9. From October of 1982 through the present, Dauphin
Deposit held and maintained Plaintiff's IRA and Plaintiff made
various deposits of funds into the IRA. During that entire time,
Dauphin Deposit paid interest on the funds deposited within the
3
account, in accordance with the IRA Agreement, at a rate equal to
ten (10%) percent per annum or higher. The 18 Month Variable
Rate Account, in which Plaintiff's funds were invested, continued
to generate and pay interest at the rate of ten (10%) percent per
annum or more.
10. Prior to 19B6, Plaintiff had been employed by the
Commonwealth of Pennsylvania and was a participant in the state
Employes' Retirement System ("SERS"). As a result of his
participation in SERS, Plaintiff had accrued various benefits
within SERS, including funds which represented deductions made
from his compensation while employed by the Commonwealth and
interest and earnings on those funds.
11. In early August, 1994, Plaintiff was advised by SERS
that if Plaintiff did not exercise his rights under the
regulations of SERS to withdraw his "accumulated deductions"
within SERS and roll them over into another tax-deferred
investment vehicle, SERS would be obligated to deduct twenty
(20%) percent federal withholding tax from the taxable portion of
those funds. SERS advised Plaintiff that he should move promptly
to make a roll-over transfer of those funds into an individual
retirement account or other eligible plan by 29 September 1994,
if he wished to avoid that twenty (20%) percent withholding.
12. In response to that notice from SERS, Plaintiff met
with a representative of Dauphin Deposit and arranged to make a
4
roll-over transfer of those funds into his Dauphin Deposit IRA
prior to the end of September. On or about 9 August 1994,
Plaintiff executed an Authorization for Direct Roll-over of
Taxable Payment on a form provided to him by SERS, and an
Individual Retirement Account Transfer Request on a form provided
by Dauphin Deposit, which form was completed by Dauphin Deposit
on that date. The Authorization for Direct Roll-over of Taxable
Payment is attached hereto and marked as Exhibit B, and the
Individual Retirement Account Transfer Request is attached hereto
and marked as Exhibit c.
13. On or about the same date, Dauphin Deposit, by its
authorized representatives, executed the Authorization for Direct
Roll-over of Taxable Payment and the Individual Retirement
Account Transfer Request. In the Authorization for Direct Roll-
over of Taxable Payment, Dauphin Deposit agreed "to accept the
transferred assets and to deposit them into a qualified IRA or
other qualified plan."
14. Thereafter, Dauphin Deposit delivered the Authorization
for Direct Roll-over of Taxable Payment to Plaintiff, who then
delivered it to SERS. At the same time, Dauphin Deposit prepared
and delivered to Plaintiff the Individual Retirement Account
Transfer Request, which Plaintiff also delivered to SERS, all in
accordance with the instructions issued to Plaintiff by Dauphin
Deposit.
5
15. On or about 30 September 1994, in response to the
Authorization for Dir.ect Roll-over of Taxable Payment and the
Individual Retirement Account Transfer Request, SERS issued funds
in the amount of $10,209.12, to Dauphin Deposit, which Dauphin
Deposit deposited into plaintiff's IRA. Attached hereto and
marked as Exhibit 0 is a copy of the IRA deposit slip issued by
Dauphin Deposit Bank evidencing the receipt and deposit of those
funds.
16. On or about 5 October 1994, Dauphin Deposit notified
Plaintiff, by telephone, that, although it had received the
funds, it would not place those funds into the 1B Month Variable
Rate Account within Plaintiff's IRA. Since that date, Dauphin
Deposit has, to the best of Plaintiff's knowledge, failed and
refused to place those funds into the 1B Month Variable Rate
Account within Plaintiff's IRA, as required by the various
agreements between the parties.
17. Plaintiff is 59 years of age and is dependent upon the
funds deposited into his Individual Retirement Account for his
retirement income for the balance of his life. He has made his
retirement plans in reliance upon Dauphin Deposit's promise to
pay him ten (10%) percent per annum on the funds within his IRA.
lB. If Dauphin Deposit does not complete the transfer of
funds into Plaintiff's IRA, Plaintiff becomes subject to a
penalty owed to the United States Internal Revenue Service for
6
the withdrawal of funds from his account at SERS without making
the required roll-over transfer to a tax-qualified IRA.
19. Plaintiff does not have an adequate and complete remedy
at law because the enforcement of his rights by an award of
monetary damages, or other legal remedy, would require a
multiplicity of suits and would subject Plaintiff to a legal
remedy based upon conjecture and speculation and not by a precise
or accurate standard.
20. Plaintiff does not have an adequate or complete remedy
at law because this case involves a fundamental question of his
rights regarding the funds he has placed with Dauphin Deposit for
investment, and the violation by Dauphin Deposit of the agreement
between the parties and all of the promises and representations
made by Dauphin Deposit upon which Plaintiff relied in making the
deposit of funds with Dauphin Deposit.
21. Dauphin Deposit has breached the IRA Agreement between
the parties and that breach, if not corrected promptly, will
cause Plaintiff irreparable harm in that it will diminish, and
continue to diminish, the assets he has put aside for his
retirement and his old age.
WHEREFORE, Plaintiff prays this court to do the following:
A. To issue an injunction requiring Dauphin
Deposit to retain the funds deposited by Plaintiff and
SERS in Plaintiff's IRA with Dauphin Deposit, and
specifically to retain them in the 1B Month Variable
7
Rate Account at an interest rate of ten (10%) percent
or more per annum;
B. Enjoin and prohibit Dauphin Deposit from
withdrawing the funds from the 18 Month Variable Rate
Acoount into which they were deposited;
c. Require Dauphin Deposit to honor and perform
its obligations under the IRA Agreement between the
parties; and
D. Award such other relief as is fair and
equitable or otherwise is necessary to protect
Plaintiff's fundamental rights in this matter.
Respectfully submitted,
ANDES, VAUGHN & BANGS
BY"~~,\~
S L L. AN ES
Attorney for Plaintiff
B
".-'DAUPHIN' DEPOSIT BANK'AND'TRUS'(COMt:iANV.
~ "'J , 'Jf. \J." .. 'I . :. h' . I '.' 1.'1.' '. ... '. . ..... . . . t
,,- , '. iNDlVIOUAL RETIREMENT CUSTODIAL ACCOUNT
.2\'AS'AMENOEO!P;i<io: RESTATE'ol'EFFECTiVE'JAN'uA'RY 1.;'1982:
(Under Section 408(a) of the Internal Revenue Code)
~.
Ith of Pennsylvania ).
(:~ :'.tJ lIT: I ~ Of, 'J i..< ),
County of )
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"55:''';' "
"
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" This A
and benveen ~
(hereinafter referred to as "Depositor") '(Depositor' date of birth
Soc' ecurity number '10 - 9 ), prese tly resi ing at
U '
DAUPHIN DE IT BANK AND TRUSTC MPANY, its succ ors and assigns. as
Trustee (hereinafter referred to as "Custodian"). having its principal place of business at
213 Market Street, Harrisburg. Pennsylvania,
.~~
.19 , by
WITNESSETH:
'i_'- .
WH EREAS. the Depositor desires to provide for his/her retirement and for the
support of his/her beneficiaries upon his death;
WHEREAS, to accomplish tl>ispurpose, the Depositor desires to establish an
individual retirement account as described In section 408(a) of the Internal Revenue
Code of 1'954, 'as amended, or any successor statute (hereinafter referred to as "the
Code"); .' ' . . ..
WHEREAS.
\.. . .' .. . - .. "I -,
o Depositor has previo~~ly adop'ted the Dauphin Deposit Bank and Trust
Company Individual Retirement Custodial Account and by this Agreement wishes to
adopt this Amen~nd Restated Individual' ~etirement Custodial Accoun~
.:. 'J:~ ;2~('~positor contemporaneous with' the establishment of this Individual
RIi;e~~rf~~~t~~ ,. . _. ,.ia.I,A.cfou~t has.transferred;'a }tWed, and'. n~:led to t~~ ~u~to~lan
t e sum of 1-'> I/T .
doda'~ (s.a,"U 750:00 r in' cash, (' ":'1'J.: :l~' :""'j~._"; .;'..~. a .
o Depositor wishes to establish this Individual Retirement Custodial
; !.)I:I",I. ..', .,. -. ".f"
Account in order to transfer thereto a rollover contribution.
::':'~,8d De~6sitor i~'~st~'bli~hing~hi~'i~divl~;u~IRetire'~'entC~~~odial Account in
conjunctfonwith a 'Simpllfied Employee Pension Pllln' established by his/her employer
. .", ,\. 1 . . , _'
under section 408( k) of the Code,
-I.
-. - - ..,
. .." i ,. ;~~~,~~EP:S... the, C.~5to~i.a~, has. ~~!r!5~?d t~,? ~epo\s.i~.orl. with. a~is.~losure
,.,' '. -, . ' : statement as :equireil under the Income Tax Regulations under section 408(1) of the Code.
"". ':"- . .': '.,a.!j'v\ll(r';~)i\ ,r~/()OT~(.:,inr.:.if"13:ln:'') '/.' '{'i!'/:Ol/-I
". ,.'Ii'."., ...., ""'s.'~t'.NOW."T,!tEREFORE.\\hll.Depositor and. the. Custodian agree, as follows:
':~~,~:::Y. '" i"" ~~tt,..t'''.~'ni\\J,('J'''I.,'';'\V_I...J:J. l.: '~'~,it"''':';l. ,~_..r\ ~';';"'''''.'''' .1',\ \.,'-..
....,."~.:', -, t .... .......<.j..).............. r.....'.' '.. ,',' ~,
. ';1: ':',/," ," ...'. . . . {"'i c..;.~.~:\ D;li:'.' ' ,~ti~"n "." ,": -;,.o:-'~ t'..l ,( ~ :eo:, . t . '" ,-., : ..ll,I!. "
, . - " ' ~,. .
ARTICLE.L_..
t. Thlt. Custodian may accept additional contributions in cash from or on
" ">, behalf .of the Depositor during a taxable year of. the Depositor except liS limited by
paragraphs Z and 3.
Z. Except in the case- of a rollover contribution as that term is described in
section 402( 0)(6). 403( a)(4). and 408( d)(3) or409( b)(3)( C) ofthe Code. the Custodian will
only accept cash and will not accept contributions on behalf of the Depositor in excess of
$2.000 for any taxable year of the Depositor,
3. Notwithstanding paragraph 2. if this Custodial Account is 0 port of a
Simplified Employee Pension Plan. the Custodian will accept cosh contributions on'
behalf of Depositor which are not in excess of $15.000 for a taxable year of Depositor.
ARTICLE II
The interest of the Depositor in the balance in the custodial account shall at all
times be nonforfeitable.
, ,.
ARTICLE III
I . . ". ,'.';',~,' .' .
.' No part of the' custodial funds shall be invested in life Insurance contracts; nor
". .... ..,. , .' ,~
may the assets of the- custodial account ba-commlngled-wlth other property except In a.
common trust fund or a common investment fund (within the meaning of section
408( a)(6) of the Code). No part of the custodial funds shall beinveStedin '~collectlbles" as
such ,term Is defined In section 408( n) of th& Code.
. ".,-, .
.
. .... .
.. .
ARTICLE IV
,
, . .' f. :rha entire- interest of the Depositor In the custodial account must be. or
commence to be. 'distributed before the- close'of the taxable year in which ihe Depositor
. '., .... .' " ','f'" ",,'. ~ ','I" ".. .~~ YUi,:'""I'" '. ... ...... .' ,
attains age 70~. Notlaterthan the close of such taxable yearthe Depositormay elect; in a
. ,'. . I ., ._
form ana atsuclrtime as may be acceptable ta the Custodian;ta.have'tt1e balance in the
custodial account distributed in: .. .:'.,," 1 '..' '.".' " .' . ",
hl.~\r"lt..;..: _ 1:1:j""',. )~a..;; . :""'I.~,,:i\l;J".d ....f, rl.,j.!d~;:....... 'I;; ~qd(fi~,. ~~c.. .~..."" :~..
,a II sing e sum payment;. , ..' .
. ,,'.:)'''J'~.,.I'\~.:'' t~"vil~l1." !I:~'~r'f ',-i;'~'t).'.'T ,;'; .
(b) an annuity contract providing equal or substantially equal
monthly. quarterly or imnual payments commenci.ng not later than the close of
such taxable year over the- life of the Dapositor.
.2.
.,..,.,,~, ..~. i .'~ ,.. . -.0'\',.' .'~.'" '1":\: '
.'-L':.~ ".....\..<.1.. ..~I ~',"'U ""...l....-.~'. ,....-;. .. 0" ;,~.:-: ~. . ".
,.".~_.,..,..,_.,..-.., .....4,,;...
t.' .J.' \" ,-hif'," '.' " '. . . 'J
'I~'"'''_''' ',,' ',;,'.'(c) an annuity con.!r~c~ providing equal, or substantially, ~~~ar
,,' . 'monthly; quarte'rly or annual payments commencing not later then the close of
'1""1:. "'" I', . ., ,.' '.. ' . ... . I _,' t. . .
.. sl,lch'taxable year over the joint.and last survivor)!vesof t~e,Depositor,and,. '
..J$\lnl~.,", ..,,0,1...... .,', .11..1'''.11.,,'' '.'" .\. ..ul 1~...lI.;.. ...1,. .....'(_.''''' ".~"'" }'" "...If'..l.l....
. ,..... hiS/her, spouse, .,1., , .' , 4 .' " . ,. '! I" r I . ". ..I-,r""..... ,:"
. .' ... '~Q'. \. .' '. ' ".,
, " , ,...,. . .:. . , (d) 'equill or substantially equal monthly, quarterly or 'annual
'payments commencing not later than the close of such taxable year over a'
period certain not extending beyond the life expectancy ofthu Depositor. or
(e) equal or substantially equal monthly, quarterly or annual
payments commencing not later than the close of such taxable year over a
period, certain not extending beyond the joint life and last survivor expectancy
of the Depositor and his/her spouse.
Notwithstanding that distributions may have commenced pursuant to option (d) or (e),
the Depositor may receive a distribution of the balance in the custodial account at any
time upon written notice to the Custodian, If the Depositor fails to elect any of the
methods of distribution described above on or before the close of his/her taxable year in
which he/she attains the age 70Yz, distribution to the Depositor will be made prior to the
close of such ,taxable year by a single sum payment If the Depositor elects a mode of
distribution under(b) orCc) above. such annuity contract must satisfy the requirements of
sections 408(b)(1), (3), (4) and (6) of the Code. If the Depositor elects a mode of
distribution under(d) orIel above, figure the payments made in tax years beginning In the
tax yea'rthe'Deposltorreaches age 70Yze as follows: . .
. ti ,..;J..,'...... .
(i) Forthe minimum annual payment, divide the Depositor's entire
Interest In the custodial account at the beginning of each year by the life
expectancy of the Depositor (or the joint life and last survivor expectancy of
the- Depositor and: his/her spouse. or the period specified under (d) or (e)
(whichever applies)). Determine the life expectancy in either caae as. of the
, date the Depositor reaches 70Yz minus the number of whole years passed
since'the Depositor became age 70Yz. ..
(Ii) For the minimum monthly payment divide the result in (i)
above by 12.
;;" ;";:>"'~' n': 'Cllij For the minimum quarterly payment divide 'the 'result In (i)
. "". .. -, '." ....-.... '. I ... -f I.... - . '.. .. ,
... ' 'above by'4," -, . " '.., ,.. "'. . .. , ..
"
~
",. '.,"
2. If the Depositor dies before his entire interest in the trust is distributed to
him, or if distribution has been commenced. as provided in te) above. to his surviving
spouse a'nd such surviving spouse dies before the entlfll interest' Is distributed to such
"J '
spous'e, the entire interest ofthe remaining undistributed Interest shall, within five years
after the Depositot's death or the death of the surviving spouse, be distributed in a single
.J.
"
sum or be applied to purchase an immediate annuity for the beneficiary or beneficiaries of
the Depositor or his surviving spouse. The terms of such annuity shall provide for
payments over the life of the beneficiary or beneficiaries or for a term certain not
exceeding the life expectancy of such beneficiary or beneficiaries. Any annuity contract
110 purchased shall be immediately distributed to such beneficiary or beneficiaries.
However. no such annuity contract shall be required to be purchased if distributions over
a term certain commenced before the death of the Depositor and the term certain is for a
period permitted under (d) or (e) above.
ARTICLE V
Except in the case of the Depositor's death ordlsability(as defined in section
72(m) of the Code) or attainment of age 69112. before distributing an amount from the
account, the Custodian shall receive from the Depositor a declaration of the Depositor's
Intention as to the disposition of the amount distributed.
ARTICLE VI
1, The Depositor agrees to provide Information to the Custodian at such time
and in such menner and containing such information as may be necessary for the
Custodian to prepare any reports required pursuant to section (408)( i) of the Code and the
regulations thereunder.
2, The Custodian agrees to submit reports to the Internal Revenue Service and
the Dapositor at such time and in such manner and containing such Information as is
prescribed by the Internal Revenue Service.
ARTICLE VII
Notwithstanding any other articles which may be added or incorporated. the
provisions of Article I through III and this sentence shall be controlling. Furthermore. any
such additional article shall be wholly invalid, If it Is inconsistent, In whole or In part, with
section 408(a) of the Code and the regulations thereunder,
ARTICLE VIII
This Agreement shall be amended. from time to time. In order to comply with
the provisions of the Code and regulations thereunder. Furthermore. other amendments
may be made upon consent of the undersigned.
ARTICLE IX
1, This custodial account is for the exclusive benefit of the Depositor and his
beneficiaries and may not be assigned. pledged or subjected to other voluntary or
involuntary alienation In whole or in part.
.4-
2, The Custodian shall receive fair end reasonable compensation hereunder.
. .'
3. If the Depositor should become disabled before his entire interest is
distributed to him, he may elect to receive the balance of his account under the provisions
of and options available under Article IV hereof. Disability shall mean the inability to
engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment which can be expected to result in death or to be of long-
continued or indefinite duration.
4. The Custodian may resign at any time upon giving ninety (90) days prior
written notice thereof to the Depositor.
5. All questions arising under this Agreement shall be governed by the laws of
the Commonwealth of Pennsylvania,
6, All funds contributed to this Custodial Account shail be Invested by the
Custodian In savings accounts of the Custodian or in obligations or securities Issued by
the Custodian,
7, Depositor may direct the Custodian to transfer all or part of his account
balance from one savings Instrument offered by Custodian for use with Individual
Retirement Custodial Accounts to another savings Instrument offered by Custodian for
use with such Account In accordance with rules and regulations established by the
Custodian and by Federal regulations with respect to the administration of such
accounts.
8, Schedule A. attached hereto and by this reference made a part hereof, shall
be completed by Deposltorfor the purpose of designating a beneficiary or beneficiaries to
receive death benefits payable hereunder, In the absence of completion of Schedule A.
death benefits shall be paid to the Deposltol's Estate.
ARTICLE X
1, The Custodian shall not be liable In any way for any act or omission, unless
due to Its own negligence or willful misconduct As between Custodian and persons
dealing with it, except In cases Involving liability under the preceding sentence, any claim
of such persons against Custodian shall be limited to the assets of the custodial account,
and the Custodian shall not be liable for any such claim in Its corporate capacity,
2, The Custodian need not engage in litigation unless first indemnified against
expense by Depositor,
3. The Custodian shall be entitled to rely upon any information, notice, direc-
tion or certificate furnished by Depositor. The Custodian shall be under no duty to make
any Inquiry in connection therewith.
.6-
IN WITNESS WHEREOF. the Depositor who has caused Ihese presents to be
signed and the Custodian, 10 evidence its acceptance of these presents. have hereunto
SElt their hands and seals. on the date and year first above written.
'.. :..,:,.
WITNESS:
DEPOSITOR:
'-h u:! 't4 jt;, )
ATTEST:
,r~~ (SEAL)
CUSTODIAN:
DAUPHIN DEPOSIT BANK AND TRUST COMPANY
~1~>
By: ~/f}L<--AJHJ
ACKNOWLEDGEMENT
RECEIPT OF DISCLOSURE STATEMENT
The undersigned acknowledges receipt of the Dauphin Deposit Bank and
Trust Company Individual Retirement Account Disclosure Statement
01'''' aU dl? /tJ?R
~L,.~h-t-e ~
.6-
'.
SCHEDULE A
INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT
DESIGNATION OF BENEFICIARV
Nama of Oaposltor
JL
City &- SIal
OalO of Sinh :.? I ,:;J / / 35'
'/ /
Subjoct to tho conditions bolow. I horoby doslgnote the following beneficiary( les)
under my Individual Rotlrement Account, hereby revoking all prior designations, if any. made by me:
Social Sacurlty No.
cR /0 - dJfr-
Name/Relalionshlp
Prlmlry 1\ /'1
Banui;:;ljM~ ,.
Conlin gent
Beneflcla~I..)
Addre..
S,qi-/ E. f}s /J Po r..L.
~~L. k~~
(Slgnalure of Oepolilo
DAUPHIN DEPOSIT BANK AND TRUSTCOMPAN.Y. CUSTODIAN. hereby acknowledges receipt
of the above Designation of Beneflclary(~ ~
Oate /IJ- ~ '7- rt.a By: ~A- G'LJ~
, . (Authorized Office"
CONDITIONS
.1, rhls designation Is subject to all terms and provisions of the Individual Retirement
Custodial Account (under Section 408(a) of the Internal Revenue Code) and shall be effective
only If received prior to the death of the Depositor by Dauphin Deposit Bank and Trust Company.
Custodian of the account
2. This designation shall be effective with respect to the Depositor's entire interest,
If any. under the Custodial Account remaining unpaid to such Depositor or to any beneficiary at
such Depositor's or beneficiary's death. as the case may be. notwithstanding Article IV of the
custodial Agreement
3. Unless otherwise provided on the face of this designation. each payment to be
made pursuant to this designation. shall be paid in equal shares to such of the primary
beneficiaries who are living atthe tlmo such payment becomes due or if no primary beneficiary
shall be living at the time such payment becomes due. such payment shall be made In equal
ahares to such of the contingent beneficiaries who are then living.
4. The Depositor shall havo the right to change this designation at any time ortlmes
during his lifetime by filing 0 new designation with the Custodlon.
t
1
I
APPENDIX A
FINANCIAL INFORMATION
At the present time there is no service or investment fee charged on funds in
the Dauphin Deposit Bank and Trust Company Individual Retirement Custodial Account
Amounts placed in a Custodial Account earn a fixed or a variable rate of, interest,
depending upon which investment option you choose. The following investment options
are currently available from Dauphin Deposit Bank and Trust Company:
A. 26 Week Certificate of Deposit- $10,000 minimum deposit The Interest
rate at which this Certificate may be Issued Is subject to change weekly.
However, the rate at which a Certificate is Issued Is guaranteed for the
Initial 26 week term, and will not be changed during the initial 26 week
term of the Certificate. The interest rate is set by the U.S. Treasury, and Is
based upon either the average yield of 26 week U.S, Treasury Bills, plus ~
of 1 per cent, as determined by the most recent auction of 26 week U.S.
Treasury Bills, or upon an average of the average yields of 26 week
Treasury Bills from the past four weekly auctions, whichever is higher.
Federal Banking laws prohibit the compounding of Interest on this
Certificate, This Certificate is automatically renewable. If you take no
action withln.1 0 days following a maturity date, principal and all accrued
Interest will be renewed for another 26 week term, at the interest rate In
effect on the maturity dato. Federal regulations require that, if you
withdraw all or a portion of, this Certificate before the Initial or any
subsequent maturity date, you must forfeit 3 months simple Interest on the
amount withdrawn, without regard to the length of time the funds have
been on deposit Early withdrawal penalties are waived if the depositor has
attained the age of 59Y:z, or if the depositor is deceased, or if the depositor
Is disabled as defined in Section 72(m)(7) of the Internal Revenue Code,
B. 18 Month Variable Rate Account - No minlmum"deposlt Additional
deposits may be made to this account at any time without extending the
maturity date, so that all funds in the account will mature 18 months from
the date of the initial deposit The rate of interest paid on this account will
be changed on the first business day of every month during the term of the
account, and will be based on the average yield of 2 year U.S, Treasury
Notes, as determined by the most recent auction of 2 year U. S. Treasury
Notes. However, Dauphin Deposit Bank and Trust Company will guarantee
a minimum rate of 10%, Interest paid is simple interest, credited on the
quarterly anniversary date of the initial deposit A statement of the account
will be issued on each quarterly anniversary date of the Initial deposll This
account Is automatically renewable, If you take no action within 10 days
following a maturity date, principal end all accrued interest will be
renewed for another 18 month term. Federal reguletions require thallfyou
withdraw all or a portion of the funds in this account before the initial or
any subsequent maturity date, you must forfeit6 months simple Interest on
the amount being withdrawn. based upon the interest rate being paid on
the account at the time the withdrawal is made, without regard to the
length of time the funds have been on deposit. Early withdrawal penalties
are waived if the depositor has attained the age of 5SY2, or if the deposltor
is deceased. or if the depositor is disabled as defined in Section 72( m)(71
of the Internal Revenue Code.
C. 18 Month Fixed Rate Certificate of Deposit - $100.00 minimum deposit.
The interest rate at which this Certificate may be issued is subject to
change. However, the rate at which a Certificate is issued is guaranteed for
the initial 18 month term, and will not be changed during the initial 18
month term of the Certificate. The interest rate is based upon the average
yield of U.S. Government securities of comparable maturity. Interest is
compounded daily and credited at maturity. This Certificate is automatically
renewable. If you take no action within 10 days following a maturity date,
principal and all accrued interest will be renewed for another 1 B month
term, at the Interest rate in effect on the maturity date. Federal regulations
require that, if you withdraw all or a portion of this Certificate before the
initial or any subsequent maturity date, you must forfeit 6 months simple
interest on the amount withdrawn, without regard to the length of time the
funds have been on deposit. Early withdrawal penalties are waived if the
depositor has attained the age of 5SY2, or if the depositor is deceased, or if
the depositor is disabled as defined in Section 72(m)(7) of the Internal
Revenue Code.
D. 30 Month Fixed Rate Certificate of Deposit - $100.00 minimum deposit
The interest rate at which this Certificate may be issued is subject to
change. However, the rate at which a Certificate is issued is guaranteed for
the initial 30 month term, and will not be changed during the initial 30
month term of the Certificate. The interest rate Is set ~y the United States
Treasury, and is based upon the avcrage yield lif 30 month U,S,
Government securities. This Certificate is automatically'renewable, If you
take no action within 10 days following a maturity date, principal and all
accrued interest will be renewed for another 30 month term, at the interest
rate In effect on the maturity date. Federal regulations require that, If you
withdraw all or a portion of this Certificate before the Initial or any
subsequent date, you must forfeit 6 months simple interest on the amount
withdrawn, without regard to the length of time the funds have been on
deposit Early withdrawal penalties are waived if the depositor has
attained the age of 5SY2, or if the depositor is deceased, or if the depositor
is disabled as defined in Section 72(m)(7) of the Internal Revemle Code.
The attachcd tables can be used to project the growth of contributions placed
in a Custodial Account. The projections contained in the attached tables are based on the
interest rates and assumptions shown on the tables. Growth of your account as shown on
the tables is "ot guaranteed and may vary as interest rates vary.
. Inlerest is simple intoresl. credlled and compounded quarterly. for aClual numberol days in a yeer(3651.
using a base year 01360 days.
ANTICIPATED BALANCES
18 MONTH VARIABLE RATE I.RA. ACCOUNT
Deposit Beginning Balance at End of Year Balance at End of Year
Year of Year @ 8.50% @10.00%
1 $ 1.000.00 $ 1.089.01 $ 1.105.31
2 1.000.00 2.274.94 2.327.02
3 1.000.00 3.566.43 3.677 .36
4 1.000.00 4.972.67 5,169.96
5 1.000.00 6,504.49 6,819.71
6 1,000.00 8,172.44 8.643.20
7 1.000.00 9,988.84 10.668.72
8 1,000.00 11,966,91 12,888.49
9 1.000.00 14,121.04 15,348.87
10 1.000,00 16.466.91 18.070.55
11 1,000.00 19,021,57 21.078.86
12 1,000.00 21.803,60 24.403.97
13 1.000.00 24,833.26 28.079.25
14 1.000,00 28,132.57 32.141.56
15 1.000,00 31.725.55 36,631.68
18 1.000,00 35,638,31 41.594.65
17 1.000,00 39,899.34 47.080,26
18 1.000,00 44.539,62 53.143.56
19 1.000,00 49.592.92 59,845.38
20 1.000,00 55.095.99 67.262.97
21 1.000,00 61.088.87 75.440.64
22 1.000.00 67.088.87 84,490.56
23 1.000.00 74,722.30 94.493.51
24 1.000.00 82,462.03 105.549.67
25 1.000.00 90.890.65 117.770.66
26 1.000.00 100.069.46 131.278.21
27 1.000.00 110.065.25 146.208.34
28 1.000.00 120.950.71 162.710.76
29 1.000.00 132.805.06 180.951.02
30 1.000.00 146.714.49 201.112.16
31 1.000.00 169.772.95 223.398.46
32 1.000.00 176,082.70 248.027.60
33 1.000.00 191.765.10 276.262.42
34 1.000,00 209,911.45 306.344.38
35 1.000,00 229,683.82 338.606.30
36 1,000.00 251.218.05 376.368.91
37 1.000.00 274.684.77 416.004.07
38 1.000.00 300,200.57 460,918.49
39 1.000,00 328,009,21 610.682.62
40 1.000,00 358,292.98 566,436.1 6
41 1.000,00 391.272.19 628,088.08
42 1.000,00 427.188.74 893.124.08
43 1 ,000.00 468,297.90 767,221.92
44 1.000.00 608,890.1 9 849.122.75
46 1 ,000.00 655,273.44 939.648,61
46 1.000.00 605,785,08 1.039.707.68
47 1.000.00 660,792.65 1.160,303.91
48 1,000.00 720,696.01 1.272.646.96
49 1,000,00 785,931,24 1,407.663.34
60 1.000,00 856,972,79 1,557.008.74
TABLE B
. .
. lutcruSI is compoundlld dally, lor aclUill rlUllllJf!1 uf dilY5 In il ..,ear (3651. USIIlU H base YUiU of 360 days.
ANTICIPATED BALANCES
18 MONTH & 30 MONTH FIXED RATE CERTIFICATE OF DEPOSIT
Deposit Beginning Balance at End of Yaar Balance at End of Vaar
Yaar of Year @ 9.25% @10.00%
1 $ 1.000.00 $ 1.098.31 $ 1.106.69
2 1.000.00 2.304.60 2,331.46
3 1.000.00 3,629.4 7 3.686.90
4 1,000.00 6.084.59 6,186.95
5 1,000,00 6,682,77 6.847,04
6 1.000.00 8,438,06 8,684.25
7 1.000.00 10,365.92 10,717.48
8 1.000,00 12,483.30 12,967.63
9 1.000,00 14,808.85 1 5,457.86
10 1,000.00 17,363,02 18,213,77
11 1,000.00 20,168,29 21.263.71
12 1.000.00 23,249,34 24.639.06
13 1.000,00 26,633.30 26.374.46
14 1.000,00 30,349.93 32,508.63
15 1,000.00 34,431.94 37.083,60
16 1.000.00 38.915.25 42.146,79
17 1.000.00 43,839,32 47.750,18
18 1,000.00 49,247.48 53.951.41
19 1,000.00 55.187,31 60.814,26
20 1.000,00 61.711.09 68,409,29
21. 1.000.00 68.876.22 76,814.66 , -
22 1.000.00 76.746.75 86.116.82 ' "';"Ior,'
23 1.000.00 86.388.94 96,411.43 ....' ."
.
24 1.000.00 94,881.84 107.804.39 "'"
26 1.000.00 1 05.307.99 120,412.87
26 1.000.00 116.769.13 134.366.68 "
27 1.000.00 129.336.04 149.809.02
28 1.000.00 143,149.38 168.899.04
29 1.000.00 168,320.71 186.812.42
30 1.000.00 174.983.64 206.743.69 , .'
"
31 1.000.00 193.284.49 229.908,16
32 1.000.00 213.384.61 256.644.06
33 1.000.00 235,460.77 283.916.09
34 1.000.00 259,707.23 316.313.07
36 1,000.00 286,337.37 350.060.94
36 1.000.00 315,585,52 388,616.11
37 1.000.00 347.709.06 431.074.11
38 1,000.00 362.990,66 478.172.69
39 1,000.00 421. 740.60 630.296.27
40 1.000,00 464.300.47 587,960.99
41 1.000.00 511,044.18 651.820.18
42 . 1,000.00 662,383...6 722,470.46
43 1,000.00 618,769.49 800.668.49
44 1.000.00 660,699.06 887,188.53
45 1.000,00 748.716.92 982,960,57
46 1.000.00 823,421,62 1.088,929,60
47 1,000.00 906,4 70.55 1,206.215,67
48 1,000.00 995,585.71 1,366.015.16
49 1.000.00 1.094.560.09 1,4 79,663.11
60 1.000.00 1,203,264.65 1,638,637.07 TABLE D
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n):\I~Il':"tWE,\L1l1lJ'" 1.t-:~~:-;\'f.\',\M,\
HTATE EMP/.OYEH' IlETmEl\IENT SYHTEM
:11) NOltTII TlIIHU STltt:I.:,.
p,o, IIOX ....7
IIAIUUSIIUIW, l't:NNSYl.\'ANl^ 17Il1H.II"7
TI-:U:IIIIONf:I717.7H7.ll2U3
AUTHORIZATION FOR DIRECT ROLLOVER OF TAXABLE PAYMENT
INSTRUCTIONS: Complete Part I, lake this form to your Financial Institution and requestthilt the appropriate Finilnciallnstitution
o,lficer complete Part 11. Originill copy #1, Copy #2, and Copy #3 must be filed with SERS. Copy #2 will be returned to you
by SERS Indicating acceptance of the transler request. Copy #3 will be forwarded with your transfer check to your Financial
Institution. Copy #4 should be retained by your Financial Institution.
PART 1- ANNUITANT AGREEMENT
STE"f?//EtV MELNYK
NAfolE
3.2.2.0 SL/;V)./YSI.lJE AVE.
ADDRESS
1I/l,RR/SSI/KG , /'/1
,
.......
.;L /0 -.,2.Y- 77'-5/
MEMBER 5 SOCIAl SEcun,T'V NU~DER
.2.t)7-3CJ -~S;23
/7/,1) '7
SUfWlVltolQ 5POUSEJALTEHNATE PAYEE SOC. SEC, NO
(7/1f b-~~ -t/5.;2.;T
TfLEPHONE NUIotOER .
.
CIT'V/STATE/ZIP
.......-.-........
.. 'j-
.. 1',''''
I hereby request and authorize the Pennsylvania State Employes' Retirement System to directiy rollover the following amount
to the Financial Institution named in Part II:
r\A Allmxable contributions and interest
~ in my SERS retirement account
,$ /~I ..2C:>'Y- /,;L
of the taxable contributions and
interest
I certify that I am the primary beneficiary and/or sole owner of the IRA or olher quaiified plan to which this amount is being
transferred,
The undersigned hereby alfirms that the foregoing information is true and' correct to the best of said persons knowledge and
belief: said alflrmation being made subject to the pen allies prescribed by 18 Pa. C.S.A. g4904 (unsworn falsllications 10 authorities).
~~,/" -~/L
MEMBER'S SI ATUAE . ;J
7-9 -7~
CATE SIGNEO
PART 11- FINANCIAL INSTITUTION AGREEMENT
.
. PLEASE COMPLETE THE NAME LINE AS mu WISH
THE PAYEE LINE OF THE CHECK 10 APPEAR.
. "
,-
:,...
}, "1
:.. ~ .
, .-
"
ZIP CODE
1;.:;-
+ LL.E:.U;: FOUR
STATE -..
IS THIS ACCOUNT AN IRA? Q(.VES 0 NO
FINANCIAL INSTITUTION AGREEMENT: By the authorized signature below, we agree to accept the transferred assets and
to deposit them into a qualified IRA or other qualified plan. We certify that the named account holder is the primary beneficiary
end/or sole owner of this "Eligible Retirement Plan." We understand that payment will not be made until the retirement account
Is prlll;essed.
( ~l11U:~L~~~~TU!.0
fv.~~. ~lIilt'P. ~(). /
TITLE
()~q At/=- T7!E~:tt;!.:~f:44-
EXHIBIT Q
(Individual Retirement Account Transfer Request)
Individual Retirement Account
. jY-l 1 :J1fLt'f) .
Nam. of Financial tuUon
"I._
, ,
, . .' TRANSFER
REQUEST
Iltereby request a transfer of this IRA. I under.;tnnd that processing this transection may cause the prescnt Trustee/Custodian to
apply previously disclosed penalties and/or fees, I certify that no legal or tax advice has been given by Ihe T rustee/Custcxllan.
Present Trustee/Cust a Acceptance
m n
By the authorized signature below. the successor
T rustee/Custcxllan agrees to acceptlhe transferred
assets and to deposit Ihem into an IRS-approved
Individual Retirement Account.
?J,;:~1J~ I~O'~X ~i7
CIIy/SU',/Zlp
Accountholder Infonnation
'::22:"~t.:~n ;Jpff' /tlJ9
l!if.1I/ZlP 9
Transfer Authorization to Present Trustee/Custodian
Please transfer the following IRA assets
o immediately
o at maturity
Xon .Spol- 3~ /QCJ4
00118 ,
)(the entire balance In my IRA
o only the balance In these account(s): It It It
o other (spedfy)
Send check to: . 01 .;,. fr/\'bom jJf} 7i?1l df'tJ I
01 Oly/S,,"~p J '7// / A'enOOn ""7
NOTE: Flklase return one copy of this form with your check. Also complete the '"Owin9 section. If applicable.
Required Distributions (to be completed by the pre~,:,t Trustee/Custodian)
Complete this section only If the accountholder is requJred to take distributions.
The life expectancy of the accountholder 0 is ;tWS not being recalculated.
The life expectancy of the designated beneficiarf'b Is 0 is not being recalculated.
The designated benefldary Is
'.
~
f
Name
Dal. ol Birth
o Spouse 0 Other
'.
Commingling Authorization to Successor Trustee/Custodian
NOTE: The accountholder must complete this section If the assets being transferred. or the assets in the receiving IRA. consist
solely of assets originally distributed In a qualified total dlstrlbutlon from a Qualified Retirement Plan (QRP) or 403(b) plan. and
the earnings thereon.
Commingling assets from a QRP /403(b) plan with regular IRA assets prohibits roiling over those assets to another QRP /403(b)
plan. With this knowledge, 0 do 0 do not commingle these transferred assets with my other IRA assets.
'I II':~:-_ ~],,'" ;jl_.;/I JJ2{fi.L'1I Accepted by 12 I J , i,,~. 1 J-tt ).
l~~rure ~ V' Dal. ~7Cus1odlMl
C~: 'O~a1 I Unwh /1 I (r7Z9?J)2 CO / .. I NOI" .
,
~
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J
)~
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tIl
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<: ~
p::j ~ ~
cI:l j ~ ~
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-< ~
..........~.../,}/
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II_I C'(~'
.J I ~I
~
~
-
STEPHEN MELNYK, ) IN THE COURT OF COMMON PLEAS
Plaintiff ) OF CUMBERLAND COUNTY,
) PENNSYLVANIA
v. )
) CIVIL ACTION ~ EQUITY
DAUPHIN DEPOSIT BANK, ) ~~~'\rERM
Defendant ) 94- ~.sJ."
)
ORDBR
tJ.... \.....11'1
AND NOW this I '7 day of I LCt-'61f...tA0.
r 1994,
upon the Motion of Plaintiff in this matter for a special or
preliminary injunction pursuant to Pa. R.C.P. 1531, we hereby
schedule a hearing before the undersigned, to be held in Court
Room No. ~ of the Cumberland County Court Hou~e in Carlisle,
Pennsylvania, on the Plaintiff's Motion for a Special Injunction,
to commence at ItI:~c, o'clock ~.m. on ~ L/I-P~ , the
.:JJ?ffi day of YJ.-r'~ /,- -1:9 time we
will consider the request for a
J.
~
~
-
STEPHEN MELNYK, ) IN THE COURT OF COMMON PLEAS
plaintiff ) OF CUMBERLAND COUNTY,
) PENNSYLVANIA
v. )
) CIVIL ACTION - EQUITY
DAUPHIN DEPOSIT BANK, )
Defendant ) 94- CIVIL TERM
)
MOTION lQB SPECIAL INJUNCTION
AND NOW comes the above-named Plaintiffr Stephen Melnyk, by
his attorneys, Andes, Vaughn & Bangs, and moves the court for a
special injunction, pursuant to Pa. R.C.P. 1531r prior to a
hearing in this matter, based upon the averments set out in
Plaintiff's Complaint in this matter and to preserve the status
quo in this matter as it existed prior to the action of Dauphin
Deposit Bank on or about 5 October 1994 removing funds from the
18 Month Variable Rate Account within Plaintiff's IRA. In the
alternative, the Plaintiff moves this court for a special
injunction following hearing, to preserve the status quo as it
existed prior to the Defendant's actions described in Plaintiff's
Complaint.
Respectfully submitted,
ANDES, VAUGHN & BANGS
BY:~~
SAMUEL L. ANDES
Attorney for Plaintiff
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3. 'This Order shall remain in full force and effect until it is modified
by a subsequent order of this Court or modified by the written agreement of the
parties.
4. The hearing scheduled in this matter for 25 November 1994 Is
hereby continued and may be rescheduled upon the motion of either party.
BY TIlE COURT,
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CORRECTION
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it Is not obligated to accept Plalntlff's rollover Into that particular 18 Month Variable Rate
Account.
3. The resolution of this Issue may be detennlned as part of a class action
presently pending before this Court.
4. Until that detennlnatlon is made, the parties agree that Plalntiff shall select
an investment option currently offered by Dauphin and the rollover contribution shall be so
Invested and held In Plalntifrs Individual Retirement Account. Plalntifrs claim that the funds
should be placed In the 18 Month Variable Rate Account shall be preserved.
5. If Plaintiff ultimately succeeds In this litigation, either through thIs action
or through his participation In a class action mailer now pending before this Court, Dauphin
Deposit shall, retroactive to 6 Oclober 1994, pay to Plalntlff, or credit to his Individual
Retirement Account, the difference between interesl actually earned and Interest which would
have been earned had the funds been placed In the 18 Month Variable Rate Account. The
effective date of deposit Is agreed to be as of October 6, 1994.
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