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Erroneous Interpretation of Plan That Reduced Benefits Was 'Amendment' Under Anti-Cutback Rule
Wolters Kluwer Law & Business Apr. 28, 2015 "Finding that a straightforward reading of an employer's pension plans, which was consistent with the company's earlier interpretation of those plans, led to the conclusion that terminated vested participants were entitled to pensions in an amount that did not include an actuarial adjustment for the years prior to age 65 in which they received benefits, the [Third Circuit] determined that the plan administrator's second interpretation of the plans could be construed as an 'amendment' to the plans that violated ERISA's anti-cutback rule. The court also ruled that the second interpretation of the plans denied the participants' benefits due them in violation of ERISA Section 502(a)(1)(B)." [Cottillion v. United Refining Co., Nos. 13-4633, 13-4743 (3d Cir. Mar. 18, 2015)] |
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