Business Services Industry
Legal Briefs: Profit compensation ruled a bonus for LTD cover.(Perspectives)(employment agreement case)
Business Insurance, October, 2003
The 7th U.S. Circuit Court of Appeals ruled that profit compensation in an employment agreement constituted a bonus for purposes of calculating long-term disability benefits under an Employee Retirement Income Security Act plan. Mary Perugini-Christen was covered by LTD insurance under a group policy provided by Reliance Standard Life Insurance Co.
From 1985 to 1993, Ms. Perugini-Christen owned a mortgage company. In 1993, she sold the company to Homestead Mortgage Co. As part of the sale, she entered into a deal with Homestead to act as an independent branch manager for the Fort Wayne, Ind., office. She negotiated a compensation package under which she was to receive 50% of the branch profits in addition to her annual salary. In 1996, Ms. Perugini-Christen...
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