Overview
On August 3, 2021, Plaintiffs filed a complaint on behalf of a class of participants and beneficiaries of the CITGO Petroleum Corporation Salaried and Hourly Employees Pension Plans (the “CITGO Plans”), alleging violations of the Employee Retirement Income Security Act (“ERISA”). Plaintiffs’ complaint alleges that, prior to 2018, the CITGO Plans utilized outdated mortality tables to determine the value of joint and survivor annuities (“JSAs”), resulting in married retirees receiving less than the actuarial equivalent of the benefit that ERISA protects. This lawsuit seeks to recover amounts due to members of the class, and to reform the CITGO Plans to fully comply with protections afforded by ERISA to pension plan participants and their beneficiaries.
Class Action Allegations
This lawsuit is brought on behalf of all participants and beneficiaries of the CITGO Plans who had their benefits calculated pursuant to the actuarial assumptions in effect before January 1, 2018,and who are receiving a joint and survivor annuity (or, for beneficiaries whose spouse died before commencing benefits, a pre-retirement survivor annuity) which is less than the value of the single life annuity converted to a joint and survivor annuity using the interest rates and mortality tables set forth in 26 U.S.C. §417(e).
Status of the Litigation
On February 22, 2022, the Honorable Matthew F. Kennelly of the United States District Court for the Northern District of Illinois denied CITGO’s motion to dismiss, allowing Plaintiffs’ putative class action to move forward.
Whom to Contact for More Information
If you are a participant in the CITGO Petroleum Corporation Salaried and Hourly Employees Pension Plans, or if you have information which might assist us in the prosecution of these allegations, please contact:
Michelle C. Yau – myau@cohenmilstein.com
Daniel R. Sutter, Esq. – dsutter@cohenmilstein.com
Sydney Greenman, Paralegal – sgreenman@cohenmilstein.com
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W., Suite 500
Washington, D.C. 20005
Telephone: 888-240-0775 (Toll Free) or 202-408-4600