Huntington Ingalls Reaches $2.8 Million Deal Over Pension Math

Huntington Ingalls Industries Inc. will boost certain retirees’ monthly pension checks under a settlement valued at $2.8 million that resolves claims the company miscalculated benefits by using outdated life expectancy data, papers filed in Virginia federal court show.

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 Nov. 12 in the U.S. District Court for the Eastern District of Virginia.

Huntington ...