Alliant Shortchanged Pension Plan Participants: Judge

Law360, New York (June 7, 2010, 4:27 PM EDT) -- An Alliant Energy Corp. pension plan violated the Employee Retirement Income Security Act by shortchanging two classes of employee plaintiffs who chose to take lump-sum payouts before retiring, a federal court has ruled.

A look at the plan's earnings rate since 1998 shows that employees would have taken home more money if plan administrators had based employees' projected earnings on the plan's interest rate, rather than the 30-year U.S. Department of the Treasury rate ultimately used, Judge Barbara B. Crabb of the U.S. District Court for...
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