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Why Some Retirees Worry About Risk Transfers
planadviserLink to more items from this source
Feb. 5, 2015
"The main worry of the [retirees who have brought a lawsuit against Verizon] is that their billions of dollars in income annuities will be less well-protected than ERISA-covered benefits, for example in the case of a personal bankruptcy or the admittedly unlikely bankruptcy of Prudential. The plaintiffs further claim they received insufficient notice in advance of the transfer of their promised pension benefits from Verizon's to Prudential's balance sheet and that no such right to enact a transfer was established by plan documents." [Lee v. Verizon, No. 14-10553 (5th Cir.; oral arguments heard Feb. 4, 2015)]

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