Retirees sue UPS alleging company shortchanged pension benefits
By Robert Steyer Source: Pensions & Investments Eight former employees in two defined benefit plans run by United Parcel Service of America Inc. have sued the company and plan fiduciaries alleging they were shortchanged in their retirement benefits because the plans used out-of-date mortality tables to calculate the benefits. They allege that retirees who took joint and survivor annuity benefits instead of a single life annuity didn't receive the actuarial equivalent of the SLA, the most common annuity for [...]