7th Circ. Rules Alliant Pension Change Doesn't Cut Damages

Law360, Los Angeles (August 9, 2013, 5:52 PM EDT) -- The Seventh Circuit on Friday partially affirmed a district court ruling that an Alliant Energy Corp. pension plan had to pay roughly $18.7 million to two subclasses of participants, ruling that a retroactive modification of the plan, even if lawful, cannot be used to diminish damages.

A Chicago-based three-judge federal appellate panel ruled that it was improper of Alliant Energy Cash Balance Pension Plan to engage in the retroactive changes. Ruling for the plaintiffs, the court concluded, "In effect, the defendant is arguing that 'okay, we screwed...
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