Actuarial Assumptions Used For Joint And Survivor Annuity Challenged

(August 10, 2021, 8:59 AM EDT) -- CHICAGO — Citgo Petroleum Corp. used mortality tables that underestimated life expectancy when calculating pension benefits in the form of a joint and survivor annuity, thereby violating the requirement under the Employee Retirement Income Security Act that pension benefits be the “actuarial equivalent” of a single-life annuity, pension plan participants in a class action complaint filed Aug. 3 in federal court in Illinois allege....