Cash-Balance Debate Falls In Second Circuit's Lap

Law360, New York (April 22, 2008, 12:00 AM EDT) -- The legality of “cash-balance” defined benefit pension plans has taken center stage once again, with the U.S. Court of Appeals for the Second Circuit considering whether Verizon Communications Inc.'s retirement plan discriminates against older workers.

The Second Circuit listened to arguments Tuesday in an appeal brought by longtime Verizon employee Margaret Bryerton, as the debate over whether this type of pension plan violates the age discrimination provisions of the Employee Retirement Income Security Act continues to rage.

“The workers' rate of accrual under the Verizon plan...
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