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Intel Sued Over Data Used to Calculate Married Worker Pensions

Jan. 24, 2023, 6:04 PM

An Intel Corp. retiree filed a proposed class action accusing the company of shortchanging the retirement benefits of certain married workers by calculating their pensions using decades-old lifespan data.

Gregg Berkeley’s lawsuit, filed Monday in the US District Court for the Northern District of California, challenges the actuarial data Intel uses when converting workers’ retirement benefits from a traditional, single-life pension to an annuity that includes spousal payments after their death. According to Berkeley, Intel performs this calculation using lifespan data from the 1970s and 1980s that doesn’t take into account recent increases in life expectancy, causing workers to ...