JPMorgan Chase denies pension to employee’s widow for lack of ‘necessary paperwork’
For 13 years, she has been attempting to claim her husband’s $53,000 pension plan, which he amassed from working 10 years for the investment firm.
(Bloomberg) – What’s on the list of concerns for a man who runs a $1.2 trillion asset manager? Swelling shortfalls in U.S. public pensions, according to PGIM Chief Executive Officer David Hunt.
“If you were going to look for what’s the possible real crack in the financial architecture for the next crisis, rather than looking in the rearview mirror, pension funds would be on our list,” Hunt said Friday in an interview.
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For 13 years, she has been attempting to claim her husband’s $53,000 pension plan, which he amassed from working 10 years for the investment firm.
Plaintiffs alleged that Cornell failed to adequately monitor the fees and investments of its retirement plan, according to Jerome Schlichter, a lawyer for the plaintiffs.
Retirement plans were a hot button issue for union workers, who wanted Boeing to bring back their lost pension plans, however, Boeing said they were “prohibitively expensive.”
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