Sheet Metal Retirees Negotiate Class Deal Boosting Pensions

Participants in a sheet metal workers’ pension plan negotiated a class settlement valued at more than $2.5 million that would boost the pensions of about 25 retirees who were approved for unreduced early retirement benefits.

The deal would increase class members’ pensions to 95% of the amount they received prior to the discovery of an error that caused the Sheet Metal Workers Pension Plan of Northern California to reduce their payments going forward. This “excellent and speedy recovery” restores class members to nearly the full pensions they were originally—but incorrectly—approved for, according to a settlement motion filed Thursday in the ...