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Participant's Bid for Higher Interest Rate on Delayed Pension Payment Fails in Second Circuit Case
Wolters Kluwer Law & Business Link to more items from this source
Jan. 15, 2014
"The rate used by the plan was reasonable under the terms of the plan and did not violate ERISA's anti-cutback rules.... [Further, the] court concluded the participant was eligible to submit a request for attorney's fees ... The participant's lawsuit prompted the employer to modify how the plan credited pre-ERISA breaks-in-service, a change which provided the participant with most of the benefits she had sought for herself and for others in the putative class. That this success came as a result of the plan amendment, and not as a result of a judicial order, does not, the court reasoned, alter the conclusion that the participant achieved some success on the merits." [Carlson v. HSBC-North America (US) Retirement Income Plan No. 12-1209-CV (2d Cir. Sept. 17, 2013)]

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