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Westboro lease renewed

WESTBORO - Rand-Whitney Packaging Corp. has renewed its lease on the 73,710-square-foot industrial and warehouse building at 10 Otis St. Ned Halloran, assistant vice president at Boston-based Lincoln Property Co., represented Invesco Real Estate's institutional client, the owner of 10 Otis Street. James Umphrey and Don Mancini of Kelleher & Sadowsky Associates of Worcester represented the tenant in the transaction.

US sues over 401(k)

BOSTON - The U.S. Department of Labor has reached a consent agreement with the administrator and trustee of a defunct Fitchburg company to restore nearly $23,000 owed to the company's 401(k) plan. The department sued Davis Design Associates Inc. and its president, Paul S. Smith, the 401(k) plan trustee, for allegedly violating the Employee Retirement Income Security Act.

The lawsuit, filed in U.S. District Court, alleged that starting Jan. 1, 2005, the defendants failed to forward to the plan some $1,661 in employee contributions and to take steps to collect contributions to the plan. Further, the suit alleges they failed to allocate $21,154 of plan assets to the appropriate plan participant and to ensure the plan was properly administered. The judgment requires restitution to the plan and proper allocation of $22,816, plus interest, to the accounts, and permanently bars Mr. Smith from serving in a fiduciary capacity to any ERISA-covered plan.

Starrett dividend

ATHOL - The board of directors of L.S. Starrett Co. voted yesterday to issue a quarterly dividend of 12 cents per share for class A and B common stock, payable June 26 to shareholders of record as of June 15. The board also voted to set the record date at Aug. 21 for those entitled to vote at the annual meeting of stockholders to be held on Oct. 7.

New software firm

NORTHBORO - With a combined 40 years in the computer and software industries, Frank Leonard of BAESIS Inc. and Joe Barrett of AXiXA Corp. have merged their firms to create BAESIS Inc., a distributor of software and IT services. BAESIS is a licensed reseller of popular business software products including Peachtree, ACT! and E-Drawer document management. It also developed a proprietary software product known as MAGNUM Opus, which was created to assist legal firms with real estate closings. AXiXA Corp. has been a provider of IT services and consulting to numerous small- to medium-size businesses.

From local and wire service reports
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Title Annotation:MONEY
Publication:Telegram & Gazette (Worcester, MA)
Date:Jun 4, 2009
Words:402
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