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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Case Title

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Case Number

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Court

Appellate - 7th Circuit

Nature of Suit

3442 Jobs

Date Filed

March 31, 2017


Case Title

Subscribers Only

Case Number

Subscribers Only

Court

Appellate - 7th Circuit

Nature of Suit

3791 Employee Retirement

Date Filed

March 31, 2017

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