MetLife Strikes Class Deal Worth $23 Million Over Pension Math

Metropolitan Life Insurance Co. and a class of more than 6,000 retirees challenging how their pensions were calculated reached a settlement they say is worth $23 million.

The proposed deal requires MetLife to permanently increase the monthly benefits of a class of married retirees who began receiving benefits or became eligible to receive benefits starting in 2013, with workers who opted to receive a lump sum excluded. The increases will vary based on a retiree’s chosen pension format and whether they signed a release agreement, with some class members receiving about 32% of their estimated losses, according to a Tuesday ...