A loss for plan participants in an ERISA-related lawsuit brought against Verizon has yielded potential clarity — and perhaps a bit of confusion — in what sponsors are required to do in response to participants’ requests for plan information.
In 2009, employees of Verizon brought suit in U.S. District Court for the Northern District of Texas after their pension plans were transferred from Verizon’s plan to Idearc Inc.’s, a company formed when Verizon spun off its information services unit in 2006.
More than 2,000 former Verizon plan participants were moved to Idearc’s plan. Some had been retired as long as 10 years prior to the spinoff.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
