Pension Plan Did Not Violate ERISA By Transferring Assets To Annuity, Judge Rules

Pension Plan Did Not Violate ERISA By Transferring Assets To Annuity, Judge Rules

DALLAS - A federal judge in Texas on June 24 granted Verizon Communications Inc.'s motion to dismiss a class action alleging that Verizon violated the Employee Retirement Income Security Act by removing retirees from the company's pension plan and funding their benefits through the purchase of a single premium group annuity contract (William Lee, et al. v. Verizon Communications Inc., et al., No. 3:12-CV-4834-D, N.D. Texas; 2013 U.S. Dist. LEXIS 87898).

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