Velocity CU Cries Foul Over Pension Plan

January 15, 2007, 7:34 p.m. EST 1 Min Read

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AUSTIN, Texas – Velocity CU has filed suit in state court claiming a $10 million retirement plan it established for top executives will not pay out as promised. In an action filed in Travis County District Court, the credit union claims that Standard Insurance Co. and Benefits Unlimited Co. mishandled the retirement plan. Houston-based Benefits Unlimited brokered the policy for Standard Insurance, which is based on Portland, Ore.

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