Dec. 5 (Bloomberg) -- Alliant Energy Corp., the owner of electric utilities in the U.S. Midwest, revised the change-in-control provisions for its retirement plans and executive severance agreements.
The changes restrict the ability of a “successor to the company” to amend employee retirement plans for three years following the takeover of the utility, according to a filing today with the U.S. Securities and Exchange Commission.
Alliant Energy, based in Madison, Wisconsin, amended its executive severance plan to require that payments and benefits start on the 60th day following termination, according to the filing.
The company also changed the timing of severance payments for executive officers to 10 days after the date of the change-of-control of the company, the filing said.
The revisions are effective Jan. 1, 2012, the company said. Alliant Energy has 1 million electric customers and 412,000 gas customers in Iowa, Wisconsin and Minnesota, according to the company’s website.
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