The NCUA spoke with Credit Union Times this morning about confidential correspondence regarding a separation settlement with former U.S. Central ALM executive David Dickens that was mistakenly posted on its website yesterday. The item was removed shortly after NCUA staff was notified of its posting, said NCUA spokesman John McKechnie.
"The placement of the correspondence was completely accidental, and NCUA regrets the error," he said.
McKechnie went on to explain the situation surrounding the documents, saying that following U.S. Central's March 2009 conservatorship, the NCUA "thoroughly reviewed" Dickens' separation agreement, and determined it was contractually obligated to pay Dickens' post-separation salary and life insurance premiums, as well as the accrued balances in two deferred compensation accounts, that had been held in trust for Dickens.
However, the NCUA disallowed Dickens's claims for post-termination deferred compensation contributions and post-termination health insurance premiums, a specific employer contribution to his deferred compensation plan, payment for the prior year's unused paid time-off, and reimbursement of legal fees. Dickens has appealed the disallowed items.