NCR Corp. Owes Executives Higher Pension Payouts, 11th Cir. Says

NCR Corp. violated the terms of five executive retirement plans covering about 200 people when it terminated the plans and paid out benefits in lump sums, the Eleventh Circuit held Tuesday.

The plans each included language preventing NCR from taking actions that would “adversely affect” any participant’s accrued benefits, the US Court of Appeals for the Eleventh Circuit said. NCR violated that directive when it distributed benefits in the form of lump sums that it knew would be less valuable than the monthly, lifetime annuity payments provided by the plans for about half the people receiving payouts, the court ...