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U.S. Bancorp Sued Over Pension Formula for Early Retirees

Dec. 17, 2018, 12:30 PM

U.S. Bancorp is accused in a new lawsuit of shortchanging its workers by using a pension formula that allegedly reduces the benefits of early retirees.

This is the fourth lawsuit filed this month against major employers over how they calculate the pension benefits of their retirees. Metropolitan Life Insurance Co., American Airlines Inc., and PepsiCo Inc. are the other three companies facing lawsuits over their pension formulas.

The early commencement factor U.S. Bancorp applies to the pay formula of early retirees is unreasonable, excessive, and result sin an illegal forfeiture of benefits under the Employee Retirement Income Security...

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