Bakery Workers’ $10M Pension Settlement Gets Judge’s OK

A $10.2 million settlement between a union pension fund and thousands of bakery workers and retirees received final approval from a federal judge.

The Bakery and Confectionery Union and Industry International Pension Fund will increase the pension benefits of about 2,500 workers who accused the fund of failing to properly notify them of a 2012 plan amendment that largely eliminated their ability to “age into” early retirement benefits after leaving employment. The deal also blocks the pension fund from using that 2012 amendment to reduce the benefits of certain other employees who haven’t yet applied for their pensions. This move ...