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Employer Could Not Offset Deferred Comp Payments by Unpaid Personal Loans to Execs; A Lesson in Plan Drafting
Winston & Strawn LLP Link to more items from this source
Apr. 8, 2009

Excerpt: Another recent court decision highlighting imperfections in plan drafting just came across my desk, albeit, from October 2008. In Maynard v. Merrill Lynch & Co., 44 EBC 1133 (M.D. FL 2008), a federal district court held that Merrill Lynch could not offset two former executive's benefits under its non-qualified pension plan by amounts the executives owed from personal loans they had taken from the company. Even if this decision is overturned on appeal, it teaches two very important lessons in plan drafting[.]

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