7th Circ. Backs Northern Trust's Pension Plan Change
Law360 (April 11, 2018, 9:09 PM EDT) -- The Seventh Circuit on Wednesday affirmed an Illinois federal court’s decision to toss a suit accusing the financial advisory firm Northern Trust of flouting the Employee Retirement Income Security Act's anti-cutback rule and the Age Discrimination in Employment Act by modifying its pension formula to illegally reduce older employees’ accrued benefits.
A three-judge panel wrote that changing how the formula calculates future salary increases for workers hired before 2002 doesn’t discriminate against older workers because the formula considers only length of employment, not age, and doesn’t impact accrued benefits, because “what a participant hopes will happen tomorrow has not accrued in the...
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