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Delta Flight Attendant Says New Pension Formula Will Cost Beneficiaries Millions
The Atlanta Journal-Constitution July 6, 2009
Excerpt: A Delta Air Lines flight attendant has filed a proposed class- action suit against the company, saying it changed its formula for calculating pension benefits, costing beneficiaries millions of dollars in accrued benefits that are federally protected.... The suit ... says Delta made the change in 2007 while in Chapter 11 bankruptcy. The change altered the calculation of the Social Security offset for certain participants' pension benefits. The offset typically reduces corporate pensions by a percentage of Social Security benefits received. Delta's change, the suit claims, violates an 'anti-cutback' rule under the Employee Retirement Income Security Act. It could affect tens of thousands of participants and beneficiaries in the airline's pension plan, the suit says.
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