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ARTICLE · 08 OCTOBER 2008

Economic Stabilization Act: Employee Benefits And Executive Compensation

Morrison Foerster
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The recently enacted Economic Stabilization Act of 2008 (the “Act”) contains a number of significant employee benefits and executive compensation provisions, some that apply to employee benefit plans generally, and some that apply only to the executive compensation arrangements of Financial Institutions taking advantage of the Troubled Asset Relief Program (“TARP”) offered under the Act.

United StatesEmployment and HR
Paul Borden
Paul Borden
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The recently enacted Economic Stabilization Act of 2008 (the "Act") contains a number of significant employee benefits and executive compensation provisions, some that apply to employee benefit plans generally, and some that apply only to the executive compensation arrangements of Financial Institutions taking advantage of the Troubled Asset Relief Program ("TARP") offered under the Act.

A summary of these provisions follows:

Treasury Secretary to Consider Protecting Some, but Not All Employee Benefits.

In exercising authority under TARP, the Treasury Secretary is required to take various criteria into consideration, including the purchase of troubled assets from certain tax-qualified plans holding such assets. (Division A, Title I, Section 103(8) of the Act.) For this purpose, the plans that are eligible for protection include 401(k) plans, defined benefit pension plans, 403(b) plans, and qualified 457 plans of governmental and tax-exempt entities.

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