Lumen Technologies Inc. is the latest company to be sued over its decision to remove retirees from its pension plan by purchasing annuities from an insurance company the retirees criticize as “highly risky.”
The proposed class action centers on Lumen’s 2021 decision to transfer more than $1.4 billion worth of pension obligations to subsidiaries of Athene Holding Ltd. in exchange for group annuity contracts. This move caused about 22,600 Lumen retirees and their beneficiaries to lose the protections of federal pension law and jeopardized their ability to receive retirement benefits, according to a complaint filed Wednesday in the US ...
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