>US District Judge Rebecca Smith of the US District Court for the Eastern District of Virginia ruled that the ex-wife’s legal standing ended when the participant accepted the lump-sum distribution, according to a BNA report.
>According to court background, Natalie Carpenter was married to Dr. Carlos Pinto from 1956 to 1977, when they divorced. As a part of the settlement agreement, Pinto agreed to make Carpenter a beneficiary of $100,000 in benefits under the Carroll Pinto Inc. Employees’ Pension Trust and the Carroll Pinto Inc. Employees’ Profit Sharing Plan by signing an irrevocable designation contract.
>Dr. Pinto retired and received his benefits in a lump sum in 2001. The following year, the plan ceased to exist. In 2004, Carpenter filed a lawsuit for benefits due under the plan and for breach of fiduciary duty.
>The case is Carpenter v. Carroll Pinto Inc., E.D. Va., No. 2:04CV758, 6/24/05.
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