Summary of the Lawsuit
On January 23, 2023, Plaintiff filed a complaint on behalf of a class of participants and beneficiaries of the Intel Minimum Pension Plan (the “Intel Plan”), alleging violations of the Employee Retirement Income Security Act (“ERISA”). Plaintiff’s complaint alleges that the Intel Plan utilized outdated mortality tables to determine the value of joint and survivor annuities (“JSAs”), resulting in married retirees receiving less than the actuarial equivalent of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 Intel Plan 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 Intel Plan who had their pension benefits calculated pursuant to the Plan’s actuarial assumption, and who are receiving a joint and survivor annuity (or, for beneficiaries whose spouses 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
The case was recently filed and is pending in the Northern District of California, San Jose Division.
Learn More About Joint and Survivor Annuity Claims
Read our blog: Is Your Retirement Plan Imposing a Marriage Penalty? What You Need to Know
Whom to Contact for More Information
If you are a participant in the Intel Minimum Pension Plan, or if you have information which might assist us in the prosecution of these allegations, please contact:
Michelle C. Yau, Esq. - myau@cohenmilstein.com
Caroline E. Bressman, Esq. - cbressman@cohenmilstein.com
Daniel R. Sutter, Esq. - dsutter@cohenmilstein.com
Dori Hadar, Paralegal – dhadar@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