Mixed Ruling Issued in MetLife Mortality Table ERISA Lawsuit
June 22, 2021 by John Manganaro
The U.S. District Court for the Southern District of New York has published an order in an Employee Retirement Income Security Act (ERISA) lawsuit filed against MetLife by a proposed class of retirees who were formerly employed by the company. In basic terms, the order grants in part and denies in part a motion to dismiss the lawsuit that had been filed by the MetLife defendants, who argued the plaintiffs lacked standing in this matter.
The arguments in the complaint consider the topic of the “actuarial equivalence” of different types of annuity benefits to be paid under the current and former plan designs of MetLife’s own pension plan—in particular, it questions the method of calculating joint and survivor annuity benefit payments as compared with single annuity benefit payments.
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