Case Overview
Plaintiffs brought this proposed class action lawsuit on behalf of themselves and all participants and beneficiaries of the UPS Pension Plan and the UPS Retirement Plan ("the Plans”) who began receiving pension payments at any time after February 1, 2014 in the form of either a Joint and Survivor Annuity or a Qualified Preretirement Survivor Annuity. The Plans cover salaried employees and part-time unionized employees of UPS. Plaintiffs allege that the amounts of their monthly benefits are less than the actuarial equivalent of single life annuities they could have selected at the times of their retirements, in violation of the Employee Retirement Income Security Act of 1974 (“ERISA”). Plaintiffs allege that members of the proposed class receive less in their monthly pension checks than they should as a result of the outdated and otherwise flawed actuarial assumptions used by Defendants. This lawsuit seeks to recover amounts due to members of the proposed class, and to amend the Plans to fully comply with protections afforded by ERISA to defined benefit pension plan participants and beneficiaries.
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