https://www.pionline.com/article/20190508/ONLINE/190509861/anheuser-busch-sued-over-retirement-benefit-calculations
12 replies (most recent on top)
The hourly that are also part of the case are very long term employees that were originally part of a third class of full time employee that no longer exists. When their pay class was eliminated they became hourly regular employees for pay purposes, but got to retain some extra benefits (all of which have been eliminated by now) and remain in the salaried pension plan. Most have retired or left not of their own accord by now, but there are still at least 3 still working in tampa.
"Anheuser-Busch Cos., St. Louis, has been hit with a class-action lawsuit that claims the company used out-of-date mortality rates to calculate employee retirement benefits from the company's defined benefit plan in violation of the Employee Retirement Income Security Act."
Sorry... ADDED 5 yrs to age and time of service
From what I’ve read the salaried plans had a clause that 5 yrs to your age and time of service...
Some hourly are receiving more .
So we're to believe that AB "short changed" the salaried employees by using the incorrect mortality figures, but correctly used the mortality figures for hourly employees?
Is that believable?......Or that a settlement was more easily reached if the poor salaried employees agreed not to include the hourly employees?
Does not include hourly employees.
Of course we aren’t owned by BUSCH anymore! Many of us had our pensions paid out/rolled over into 401k(s). Some salaried employees were short changed. So they sued to receive the correct amount.
We aren’t owned by Busch any more
Confirmed that two salaried employees received funds. One received $100,000.
Maybe we should ask a lawyer.
Wow! I'd wonder if the hourly employees payouts were calculated correctly.