Raytheon Says Mortality Table Talk Is 'Irrelevant' In ERISA Suit
Law360 (September 10, 2019, 3:51 PM EDT) -- Raytheon Co. has urged a Massachusetts federal judge to toss a proposed class action alleging that it used outdated mortality rates to shortchange retirees on benefits, arguing the rates used to calculate alternatives to single life annuity benefits were reasonable.
The Massachusetts-based manufacturer and its pension plan argued Monday in its motion to dismiss that Johnny Cruz failed to make the case that the plan violated the Employee Retirement Income Security Act by unreasonably using a mortality table created in 1971 and a 7% interest rate to calculate retirees’ alternative annuity benefits it said would be “actuarially equivalent” to the plan’s...
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