Pension Plan Did Not Violate ERISA By Transferring Assets To Annuity, 5th Circuit Says

Mealey's (August 20, 2015, 2:12 PM EDT) -- NEW ORLEANS — The Fifth Circuit U.S. Court of Appeals on Aug. 17 affirmed a district court’s dismissal of a second amended class action complaint alleging that Verizon Communications Inc. violated the Employee Retirement Income Security Act by removing retirees from the company’s pension plan and funding their benefits through the purchase of a single premium group annuity contract, finding no error in the transfer of benefits (William Lee, et al. v. Verizon Communications Inc., et al., No. 14-10554, 5th Cir.; 2015 U.S. App. LEXIS 14588)....
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