AUSTIN, Texas – An item that appeared on The Credit Union Journals daily website for Monday, Jan. 23, regarding Velocity CU and a lawsuit it has filed against the Standard Insurance Co. incorrectly stated the nature of the suit. The item reported Velocity had established a $10-million benefit plan for two top executives, but the plan was established for all Velocity employees. The lawsuit, however, is in reference to The Standard’s failure to account for an IRS rule when creating the plan, and this rule only affects the retirement benefits of two Velocity executives.
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