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 Plaintiff’s complaint alleges that the Intel Plan utilized outdated mortality tables to determine the value of joint and survivor annuities (“JSAs”), resulting in married retirees receiving less than the actuarial equivalent of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).