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Seventh Circuit Finds Expectation of Future Salary Increases Is Not an 'Accrued Benefit' for Purposes of Anti-Cutback Rule
Michelle L. Roberts, via LinkedIn Apr. 17, 2018 "The court held that ... the expectation of future salary increases is not an 'accrued benefit;' the only benefit that had 'accrued' was the amount due for work already performed.... [T]he court found that the sponsor provided ... its staff with an online tool that showed each worker exactly what would happen under a number of different assumptions about future wages and retirement dates." [Teufel v. The Northern Trust Co., Nos. 17-1676. 17-1677 (7th Cir. Apr. 11, 2018)] |
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