Siri & Glimstad LLP Investigates Potential Class Action Against Verizon Over Pension Miscalculations
Verizon Communications (NYSE:VZ) faces potential class action investigation over pension benefit calculations. Law firm Siri & Glimstad is examining claims that Verizon used outdated formulas for calculating joint and survivor annuities, potentially affecting retirees who began collecting benefits since 2019.
The investigation centers on the conversion formulas used for joint and survivor annuities, which continue payments to spouses after retiree death. The concern is that Verizon may be using outdated mortality data from the 1980s, despite longer current life expectancies, resulting in potentially lower monthly payments than legally required under ERISA regulations.
The investigation specifically targets the actuarial equivalence of converted benefits, as required by federal law (ERISA). Both management and sales associates who started receiving survivor annuities in the past six years may be affected by these alleged miscalculations.
Verizon Communications (NYSE:VZ) è sotto indagine per una potenziale class action riguardante i calcoli dei benefici pensionistici. Lo studio legale Siri & Glimstad sta esaminando le affermazioni secondo cui Verizon ha utilizzato formule obsolete per calcolare le rendite congiunte e di sopravvivenza, che potrebbero influenzare i pensionati che hanno iniziato a ricevere benefici dal 2019.
L'indagine si concentra sulle formule di conversione utilizzate per le rendite congiunte e di sopravvivenza, che continuano a erogare pagamenti ai coniugi dopo la morte del pensionato. La preoccupazione è che Verizon possa utilizzare dati sulla mortalità risalenti agli anni '80, nonostante le attuali aspettative di vita più lunghe, risultando in pagamenti mensili potenzialmente inferiori a quelli legalmente richiesti dalle normative ERISA.
L'indagine mira specificamente all'equivalenza attuariale dei benefici convertiti, come richiesto dalla legge federale (ERISA). Sia i dirigenti che i collaboratori di vendita che hanno iniziato a ricevere rendite di sopravvivenza negli ultimi sei anni potrebbero essere colpiti da questi presunti errori di calcolo.
Verizon Communications (NYSE:VZ) enfrenta una posible investigación de acción de clase sobre los cálculos de beneficios de pensiones. El bufete de abogados Siri & Glimstad está examinando las reclamaciones de que Verizon utilizó fórmulas desactualizadas para calcular las anualidades conjuntas y de sobreviviente, lo que podría afectar a los jubilados que comenzaron a recibir beneficios desde 2019.
La investigación se centra en las fórmulas de conversión utilizadas para las anualidades conjuntas y de sobreviviente, que continúan los pagos a los cónyuges después de la muerte del jubilado. La preocupación es que Verizon pueda estar utilizando datos de mortalidad de la década de 1980, a pesar de las expectativas de vida más largas actuales, lo que resulta en pagos mensuales potencialmente más bajos de lo que se requiere legalmente bajo las regulaciones de ERISA.
La investigación apunta específicamente a la equivalencia actuarial de los beneficios convertidos, como lo exige la ley federal (ERISA). Tanto los gerentes como los asociados de ventas que comenzaron a recibir anualidades de sobreviviente en los últimos seis años pueden verse afectados por estos supuestos errores de cálculo.
Verizon Communications (NYSE:VZ)는 연금 혜택 계산에 대한 잠재적인 집단 소송 조사를 받고 있습니다. 법률 회사 Siri & Glimstad는 Verizon이 2019년 이후 혜택을 수령하기 시작한 퇴직자에게 영향을 미칠 수 있는 오래된 공식을 사용하여 공동 및 생존자 연금을 계산했다는 주장을 조사하고 있습니다.
조사는 퇴직자가 사망한 후 배우자에게 지급되는 공동 및 생존자 연금에 사용되는 변환 공식에 초점을 맞추고 있습니다. Verizon이 현재의 기대 수명보다 오래된 1980년대의 사망률 데이터를 사용할 수 있다는 우려가 있으며, 이로 인해 ERISA 규정에 따라 법적으로 요구되는 것보다 낮은 월별 지급액이 발생할 수 있습니다.
조사는 연방 법률(ERISA)에 따라 요구되는 변환된 혜택의 보험 수리적 동등성에 특히 초점을 맞추고 있습니다. 지난 6년 동안 생존자 연금을 받기 시작한 관리직 및 판매 직원 모두가 이러한 잘못된 계산의 영향을 받을 수 있습니다.
Verizon Communications (NYSE:VZ) fait face à une enquête potentielle de recours collectif concernant les calculs des prestations de retraite. Le cabinet d'avocats Siri & Glimstad examine des allégations selon lesquelles Verizon aurait utilisé des formules obsolètes pour le calcul des rentes conjointes et de survie, ce qui pourrait affecter les retraités ayant commencé à percevoir des prestations depuis 2019.
L'enquête se concentre sur les formules de conversion utilisées pour les rentes conjointes et de survie, qui continuent à verser des paiements aux conjoints après le décès du retraité. L'inquiétude est que Verizon pourrait utiliser des données de mortalité obsolètes datant des années 1980, malgré des attentes de vie actuelles plus longues, entraînant des paiements mensuels potentiellement inférieurs à ceux légalement requis par les réglementations ERISA.
L'enquête vise spécifiquement l'équivalence actuarielle des prestations converties, comme l'exige la loi fédérale (ERISA). Tant les cadres que les associés commerciaux ayant commencé à recevoir des rentes de survie au cours des six dernières années pourraient être affectés par ces erreurs de calcul présumées.
Verizon Communications (NYSE:VZ) sieht sich einer potenziellen Sammelklage-Untersuchung über die Berechnung von Pensionsleistungen gegenüber. Die Kanzlei Siri & Glimstad untersucht die Behauptungen, dass Verizon veraltete Formeln zur Berechnung von gemeinsamen und Überlebensrenten verwendet hat, was möglicherweise Rentner betrifft, die seit 2019 Leistungen beziehen.
Die Untersuchung konzentriert sich auf die Umrechnungsformeln für gemeinsame und Überlebensrenten, die Zahlungen an Ehepartner nach dem Tod des Rentners fortsetzen. Es besteht die Sorge, dass Verizon möglicherweise veraltete Sterblichkeitsdaten aus den 1980er Jahren verwendet, obwohl die aktuellen Lebenserwartungen länger sind, was zu potenziell niedrigeren monatlichen Zahlungen führen könnte, als gesetzlich gemäß den ERISA-Vorschriften erforderlich ist.
Die Untersuchung zielt speziell auf die versicherungsmathematische Gleichwertigkeit der umgerechneten Leistungen ab, wie es das Bundesrecht (ERISA) vorschreibt. Sowohl Führungskräfte als auch Verkaufsmitarbeiter, die in den letzten sechs Jahren mit dem Bezug von Überlebensrenten begonnen haben, könnten von diesen angeblichen Fehlberechnungen betroffen sein.
- None.
- Potential legal liability from class action lawsuit over pension calculations
- Risk of additional pension payment obligations if miscalculations are proven
- Possible ERISA compliance violations regarding pension benefit calculations
- Reputational damage from alleged underpayment of retiree benefits
Insights
The announced investigation by Siri & Glimstad LLP into a potential class action lawsuit against Verizon represents a meaningful legal risk that investors should monitor. The core allegation centers on Verizon allegedly using outdated mortality tables when calculating joint and survivor annuities for retirees who began collecting benefits in the past six years.
This specifically implicates ERISA (Employee Retirement Income Security Act) requirements that pension conversions must be "actuarially equivalent" to earned benefits. Similar pension calculation cases against major corporations have established that using outdated mortality data can indeed violate federal law, as retirees receive systematically reduced monthly payments that fail to account for increased life expectancy.
It's important to note this is currently in the investigative phase - no formal lawsuit has been filed yet. The law firm is actively soliciting potential plaintiffs who retired from Verizon after 2019, suggesting they're building a case but need additional participants. The six-year timeframe mentioned likely relates to ERISA's statute of limitations.
If this investigation materializes into formal litigation, Verizon could face substantial remediation costs, potential regulatory scrutiny, and reputational damage. Class action pension miscalculation suits typically involve complex actuarial analysis and often result in settlements to avoid prolonged litigation. The financial impact would depend on the number of affected retirees and the extent of alleged undervaluation.
This potential class action investigation introduces an unexpected liability risk that isn't currently factored into Verizon's financial outlook. While impossible to quantify the precise exposure without knowing pension obligation details, similar cases against other large corporations have resulted in meaningful settlements.
The lawsuit investigation targets joint and survivor annuities - specifically the conversion calculations that determine payment amounts when benefits continue to a surviving spouse. The alleged use of outdated mortality tables would systematically undervalue these pension obligations, effectively transferring value from retirees to the company's bottom line.
Pension obligations already represent significant liabilities on Verizon's balance sheet. If the company is required to recalculate benefits using updated mortality tables, it could face both:
- Retroactive payments to affected retirees from the past six years
- Increased ongoing pension distribution costs moving forward
The telecommunications sector has been navigating challenging market conditions with high capital expenditure requirements for network upgrades. Additional unforeseen pension liabilities would further strain financial flexibility at a time when balance sheet optimization is crucial.
From a governance perspective, this investigation raises questions about Verizon's benefit administration practices. The preliminary nature of this investigation means significant uncertainty remains about whether a formal lawsuit will materialize and what the potential financial impact might be, but it represents a new risk factor investors should monitor.
Did you retire from Verizon after 2019? You May Be Owed More Pension Money Than You Think.
NEW YORK, NY / ACCESS Newswire / April 1, 2025 / A class action lawsuit is being investigated against Verizon Communications Inc. (NYSE:VZ) for using outdated and faulty formulas to calculate pension benefits. The issue affects retirees who began collecting benefits in the last six years - including both management and sales associates.
Pensions are often the main source of income for retirees. But some former Verizon employees may not be receiving the full amount they earned. The issue centers around the formulas Verizon uses to calculate joint and survivor annuities, a type of pension that continues to pay a spouse after the retiree dies. When a retiree selects this type of benefit, the company must convert the retiree's pension into a shared benefit using formulas that factor in life expectancy and interest rates. But today's retirees are living longer than retirees in the 1980s and may be getting less money each month than they should.
Federal law, called ERISA, requires these converted benefits to be actuarially equivalent, or of equal value, to the pension the retiree earned. If old mortality data is used, the benefit may fall short, potentially violating federal law. We are investigating whether Verizon used such outdated data.
If you worked for Verizon and started receiving a survivor annuity in the last six years, the attorneys at Siri & Glimstad want to hear from you! We can help determine whether your benefits were miscalculated at no cost to you.
If you want to learn more about this potential class action, please contact Attorney Oren Faircloth at 888-747-4529 or ofaircloth@sirillp.com.
SOURCE: Siri & Glimstad
View the original press release on ACCESS Newswire
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