8th Circ. Reverses US Bancorp ERISA Damage Award

Law360, New York (November 11, 2009, 2:01 PM EST) -- A federal appeals court panel has overturned a judge's award of damages to two U.S. Bancorp retirement plan participants who claimed that the conversion of the plan into a cash balance system decreased their accrued benefits.

The plan conversion and opening balance in the new plan did not decrease accrued benefits, regardless of how the opening balance was calculated, a three-judge panel of the U.S. Court of Appeals for the Eighth Circuit ruled Monday.

The consolidated appeals and cross-appeal involve disputes regarding a plan amendment and...
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