Talen Energy Sees Pension Suit After Pennsylvania Power Deal (1)

Nov. 30, 2020, 3:33 PMUpdated: Nov. 30, 2020, 7:03 PM

Utility provider Talen Energy Corp. shortchanged the pensions of hundreds of management level employees who lost their jobs after Pennsylvania Power & Light spun off part of its power generation business in a private-equity backed transaction, according to a proposed class action filed in federal court by four former employees.

The employees, led by Annette M. Durnack, say they were targeted for termination in the wake of the 2015 transaction and not informed of their entitlement to unreduced early retirement benefits because of their company’s change in control. Talen’s retirement plan committee concealed its obligation to pay full benefits and ...

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