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CUNA urges NCUA to revise golden parachute exception
WASHINGTON (7/26/11)--The Credit Union National Association (CUNA) has asked the National Credit Union Administration (NCUA) to reconsider the treatment of 457(f) deferred compensation plans under its recent interim final technical corrections rule addressing its golden parachute and indemnification payments regulation. The NCUA’s interim final rule directly excludes only 457(b) plans from the “golden parachute” definition, and thereby from the golden parachute prohibitions adopted by the NCUA in July 2010. (See second resource link for more.) The rule does not address 457(f) plans, which may fall under a separate exception only if they meet the definition for “bona fide deferred compensation.” CUNA’s comment letter noted that NCUA has not offered a “compelling reason” to treat 457(f) plans differently than similar retirement compensation options. If the NCUA must restrict the golden parachute exception, CUNA recommended the rule should specifically exclude both 457(b) and 457(f) plans that meet the “bona fide deferred compensation” definition.


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