Colgate Faces Suit Over Cash Balance Pension Plan

Law360, New York (August 14, 2007, 12:00 AM EDT) -- Toothpaste maker Colgate-Palmolive Co. has been hit with a purported class action lawsuit by two former employees who claim they were underpaid pension benefits through the company's cash-balance retirement plan.

Paul Abelman and Valerie R. Nutter filed the suit in an Ohio federal court against the company and its retirement plan for allegedly violating the Employee Retirement Income Security Act by devaluing benefits.

“The Plan paid Plaintiffs lump sum benefits that was less than the present value of their respective accrued benefits in violation of ERISA,”...
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