Luxottica’s pension plan may pay benefits below what the law requires. Find out if you’re impacted.
Summary of Lawsuit
On November 1, 2021, Plaintiff filed a complaint on behalf of a class of participants and beneficiaries of the Luxottica Group Pension Plan, alleging violations of the Employee Retirement Income Security Act (“ERISA”). Plaintiff’s complaint alleges that, prior to 2019, the Luxottica Group Pension Plan utilized outdated mortality tables to determine the value of participants’ joint and survivor annuities (“JSAs”). As a result, married retirees who elected JSAs received less than the actuarial equivalent of the benefit that ERISA protects. This lawsuit seeks to recover amounts due to members of the class.
Class Action Allegations
This lawsuit is brought on behalf of all participants and beneficiaries of the Luxottica Group Pension Plan who had their benefits calculated pursuant to the actuarial assumptions in effect before January 1, 2019, and who are receiving a joint and survivor annuity which is less than the value of the single life annuity converted to a JSA using the interest rates and mortality tables set forth in 26 U.S.C. §417(e).
Status of the Litigation
On November 1, 2021, Plaintiff Duke, on behalf of all members of the class, filed a complaint. Defendants have filed a motion to compel arbitration, which is pending before the Court.
Whom to Contact
Sydney Greenman, Paralegal (email)