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From Fourth Circuit: Top-Hat Plan Can Change Crediting Rate Used to Calculate a Participant's Payout
Michelle L. Roberts via LinkedIn
Nov. 13, 2017 "After plaintiffs retired, the Plan's board amended the crediting rate again which resulted in a more flexible crediting rate linked to a participant's selection of one (or more) of four valuation funds ... But this arrangement included more volatility and risk, including the possibility of losing value in a participant's notational account. Because of the lack of predictability, the annual payments could no longer be made strictly equal.... The district court denied plaintiffs' motion for class certification ... granted summary judgment to the company, and held that the Amendment was valid." [Plotnick v. Computer Sciences Corp. Deferred Comp. Plan for Key Executives, No. 16-1606 (4th Cir. Nov. 8, 2017)] MORE >> |
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