Merrill Lynch’s advisor’s payment plan is not covered with Erisa, says the judge.

Bank of America Corp. The Investment Management Unit won a court order that clarifies that an incentive compensation program that benefits its financial advisors is not subject to the rules of awarding of the employee retirement income security law.

The Merrill Lynch program requires that financial advisors contribute to a part of their commissions and allow these amounts to be lost if they voluntarily leave the company under certain circumstances within eight years. The plaintiff Kelly Milligan says that this “cancellation rule”, who made him lose more than $ 500,000, violates an erisa rule that governs the speed with which the deferred compensation of an employee must be granted.

Judge Kenneth D. …