Blogging Employee Benefits

January 10, 2006

Phantom Account Offset Was Phantom Amendment

Filed under: Amendments, Litigation, Pensions — Fuguerre @ 4:21 am

Modifications made to the methodology that Xerox’s pension plan used to reduce rehired workers’ additional the benefit accruals of rehired workers by the value of lump sum distributions taken at earlier departure from the company were not properly communicated to employees. According to an appellate court ruling vacating the district court’s dismissal of the case, the changes to the plan did not constitute a permissible plan amendment; thus the plan’s “phantom account offset” could not be applied to reduce workers’ benefits. [Frommert et al. v. Conkright et al. No. 04-4609-cv, CA2 (1/6/06)]

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