Benefits & Executive Compensation News

Mississippi Bank Beats Bulk of Former VP’s Benefits Lawsuit

June 11, 2019, 3:53 PM

A Mississippi bank defeated most claims in a former vice president’s lawsuit, but her claim seeking more than $900,000 in retirement benefits remains pending.

The executive retirement plan sponsored by Merchants and Farmer’s Bank of Holly Springs qualifies as a “top hat” plan exempt from certain protections guaranteed by the Employee Retirement Income Security Act, a federal judge ruled June 10. Former bank executive Lisa Dodson Jones therefore can’t bring ERISA fiduciary breach claims related to the bank’s failure to pay benefits upon her 2017 retirement, the judge said.

A retirement plan qualifies as a top hat plan—and thus is...

To read the full article log in. To learn more about a subscription click here.