https://www.plansponsor.com/att-sued-calculation-early-retirement-benefits/
13 replies (most recent on top)
No, if those suing win the suit then calculations will have to be adjusted for all based on ERISA.....Of course lawyers are the big winners but others forced into early retirement will benefit from this...…….
OMG.....This is a big gap in the example ...…..First, the plaintiffs allege the plan’s Early Retirement Factors reduce benefits to less than the actuarial equivalent amount of the participant’s monthly benefits commencing at age 65. The earlier the participant retires, the greater the reduction to his benefits. For example, under most programs of the plan, if a participant’s normal pension benefit beginning at age 65 is $10,000 per month, and he retires at age 60, his monthly benefit is reduced by a factor of 0.58. As a result, the value of his monthly benefit is 58% of $10,000, or $5,800 per month, when the actuarial equivalent benefit he is entitled to receive under ERISA is approximately $7,090 per month.
I’m hoping that they will have to address this to all retirees and those forced out into retirement. I lost 35k on my calculations when forced to early retirement.
According to Fidelity, if I retire at 65, I am getting nearly $30,000 more than if I retire at 62.
At what age before 65 did you retire? Did you take the lump sum? How much money are you missing for leaving early?
Curious how this turns out, especially if any impact on monthly annuity calculations. Took retirement last year.
What about the workers who took early retirement and got the lump sum? We’re they sc rewed over as well??
I am in and I am going to help all I can. The lump sum calculation was a disgrace.
@11toG70V-iqk I think you had it right the first time!
i meant they "deserve to be sued" nor "deserve to be screwed", i guess i am in donald trump twitter mode now.
if they are really screwing people over they deserve to get screwed. but then again this company is used to litigation and spends more on attorneys defending itself then building out the networks.
This will be settled and only the lawyers will see any real cash. Retirees won't get enough to count, however the lawyers will get millions.
OMG,this is Huge,Class action ...good for them, really bad 4 THE DEATHSTAR, IF IS BORDERLINE ILLEGAL YOU WILL FIND THEM THERE, LOL #KARMA