01-17-25 ARI News PM

Today’s Story

A lawsuit filed by three Verizon retirees alleges that the company and its fiduciary, State Street Global Advisors, violated their duties under the Employee Retirement Income Security Act (ERISA). 

The retirees claim that, during a recent pension buyout, Verizon selected the "cheapest available annuity provider" instead of the "safest available," potentially jeopardizing retirees' financial security. This case could have significant implications for future pension risk transfers and the protection of retiree benefits.

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Economic Tip

If your pension plan undergoes a buyout or transfer, consult with a financial advisor to understand how it may affect your retirement income and to explore options for safeguarding your benefits.