Top Hat Plans: What Executives and Organizations Need to Know

Top Hat Plans: What Executives and Organizations Need to Know…and Why

Fulcrum Partners. Deferred Compensation News

This past January, the U.S. Government Accountability Office (GAO) published its initial findings after conducting a review of executive retirement plans, specifically, top hat plans. The study came in response to a request filed by U.S. Senators Ron Wyden (Oregon), Bernie Sanders (Vermont), and Patty Murray (Washington).

This article looks at 1.) the GAO’s report; 2.) the final rulings by the U.S. District Court in the class action lawsuit of Berry v Wells Fargo & Co; and, 3.) the implications of both on Top Hat plans in general.

Wells Fargo Deferred Pay Plan Attacked

Wells Fargo Deferred Pay Plan Allegedly Violates State Law

Fulcrum Partners Executive Benefits News

Wells Fargo Deferred Pay Plan Attacked This past May, Wells Fargo settled a lawsuit covering advisors in California and North Dakota. According to court documents, under terms of the settlement, Wells Fargo paid a total of $5.1 million to 133 advisors. Now, Wells Fargo Advisors is again facing similar allegations in a lawsuit seeking class-action status that was filed against the firm …