Norton Healthcare Inc. miscalculated certain retirees’ lump sum pension payouts by failing to give them credit for the plan’s five-year annuity feature, a federal judge said in an opinion upholding multiple other aspects of the company’s calculations.
The 16-year-old lawsuit says Norton shortchanged the pensions of thousands of retirees who received lump sum distributions after January 2003, in some cases by tens or hundreds of thousands of dollars. The US District Court for the Western District of Kentucky largely sided with the retirees in 2013 and ordered the company to recalculate benefits, but the US Court of Appeals for the ...
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