Benefits & Executive Compensation News

Huntington Ingalls Retirees Advance Pension Math Class Action

Feb. 20, 2020, 4:32 PM

Huntington Ingalls Industries Inc. retirees are advancing a class action claiming the military shipbuilder shortchanges certain pensions by using outdated life expectancy data, following a ruling by a federal judge in Virginia.

Senior Judge Henry Coke Morgan Jr. denied Huntington’s motion to dismiss at a Wednesday hearing in the U.S. District Court for the Eastern District of Virginia. Morgan didn’t offer a written explanation for his decision.

Huntington is one of at least 11 large employers that have been sued in recent months over the actuarial and interest rate assumptions used by their pension plans.

The lawsuits claim the employers...

To read the full article log in. To learn more about a subscription click here.