This should be getting more press. AT&T tried to steal pension money from older workers.
Welcome to the AT&T Pension Plan Class Action Lawsuit about cash balance pension conversions: Engers v. AT&T Managment Pension Plan, C.A. 98-3660 (D.N.J.).
Second Update on the ADEA Claims
Pursuant a subpoena and a scheduling order from the U.S. District Court in New Jersey, AT&T's consultants, Aon (formerly known as ASA) are being required to produce all data and documentation that they possess related to the cash balance pension plan conversion by June 30, 2008 (for data and technical documentation) and July 31, 2008 (for consulting advice about the changes).
Expert reports from the Plaintiffs' actuarial and statistical experts are due August 7, 2008. In those reports, the experts will show how AT&T's cash balance design produced periods of "wear-away" (with no growth in retirement benefits) that were based on how close AT&T employees were to age 55. Plaintiffs allege that the cash balance design was skewed to produce periods of wear-away based on age. For example, AT&T and Aon/ASA knew that employees age 47 and up would generally have no growth in their retirement benefits after the cash balance conversion, whereas younger employees in their 20's or 30's would see immediate growth in their benefits. http://www.erisapensionclaims.com/AT_T/index.html
AT&T Pension Lawsuit
This should be getting more press. AT&T tried to steal pension money from older workers.
Welcome to the AT&T Pension Plan Class Action Lawsuit about cash balance pension conversions: Engers v. AT&T Managment Pension Plan, C.A. 98-3660 (D.N.J.).
Second Update on the ADEA Claims
Pursuant a subpoena and a scheduling order from the U.S. District Court in New Jersey, AT&T's consultants, Aon (formerly known as ASA) are being required to produce all data and documentation that they possess related to the cash balance pension plan conversion by June 30, 2008 (for data and technical documentation) and July 31, 2008 (for consulting advice about the changes).
Expert reports from the Plaintiffs' actuarial and statistical experts are due August 7, 2008. In those reports, the experts will show how AT&T's cash balance design produced periods of "wear-away" (with no growth in retirement benefits) that were based on how close AT&T employees were to age 55. Plaintiffs allege that the cash balance design was skewed to produce periods of wear-away based on age. For example, AT&T and Aon/ASA knew that employees age 47 and up would generally have no growth in their retirement benefits after the cash balance conversion, whereas younger employees in their 20's or 30's would see immediate growth in their benefits. http://www.erisapensionclaims.com/AT_T/index.html