Huntington Ingalls $2.8 Million Pension Math Deal Wins Approval

Huntington Ingalls Industries Inc. can boost certain retirees’ monthly pension checks under a settlement valued at $2.8 million, resolving claims the company miscalculated benefits by using outdated life expectancy data, a Virginia federal court ruled Tuesday.

The settlement is expected to benefit nearly 2,000 Huntington retirees receiving certain optional pension formats that pay benefits to their spouses after their deaths. The increased payments will cost the company about $2.8 million, which is about 34% of the plaintiffs’ estimated damages, according to settlement papers filed in 2021.

Judge Roderick C. Young of the US District Court for the Eastern District of ...