General Dynamics, Alight Sued Over Pension Calculations (1)

General Dynamics Corp. was sued in Minnesota federal court by a group of retirees that claims the company wrongfully cut their pensions by as much as 40% to correct a calculation error made years earlier.

The proposed class action, filed Thursday in the U.S. District Court for the District of Minnesota, seeks to rectify cuts allegedly made to the retirement benefits of dozens of General Dynamics retirees who chose a “Leveling Option” pension format that paid out extra benefits until the retiree became eligible for Social Security at age 62. These cuts forced deep benefit reductions on retirees in their ...