CUEd In: Volume I, Issue 4 – December 2011
Welcome to the next issue of CUEd In, our guide to the law and business of employee benefits for credit union executives. In this issue, we spotlight the importance of understanding “change in control” provisions and the pitfalls of not seeking counsel to review the existing facts and circumstances as to whether such provisions have been triggered in connection with a merger of federal credit unions. To illustrate key principles, we examine two recent court cases involving the merger of banks where both executives at issue were terminated and denied severance benefits on the grounds that the change in control provisions were not triggered.
In addition, we update you on another show-stopper involving the never ending saga of how and if Code Section 457 is applicable to credit unions through discussion of a new notice of proposed rulemaking issued by the Internal Revenue Service.
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This issue is jam-packed with information so let’s jump in…