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Eleventh Circuit Rules That 'Top Hat' Plan Termination Short-Changed Employees
Kantor & Kantor 
Sept. 3, 2025 "The court acknowledged that NCR's offering of a lump sum to replace the plan-prescribed annuities was not by itself wrongful.... However, just because NCR could pay a lump sum did not mean that its payments were automatically adequate.... The Eleventh Circuit agreed with the district court that the payments constituted a breach of the plan terms because they 'adversely affect[ed]' the 'accrued benefits' (i.e., the life annuities) of 'any' participant. The word 'any' was key; a lump sum would violate the plan if it 'led to a reduction in the amount of the life annuity of even a single participant.' " [Hoak v. Ledford, No. 24-12148 (11th Cir. Aug. 26, 2025)] MORE >> |
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