Migliaccio & Rathod LLP is investigating whether Athene pension risk transfer transactions adequately protect retirees whose defined-benefit pension obligations were moved from employer pension plans to insurer-backed annuities.
Reported Issues
Pension participants report concerns about:
- Their employer transferring pension liabilities to Athene.
- Losing PBGC protection after the transfer.
- Not being told how state guaranty-association caps compare to prior protections.
- Concern about whether fiduciaries properly evaluated insurer solvency.
- Concern that the transaction transferred risk away from the employer and onto retirees.
Athene describes itself as a retirement services company offering annuity products and solutions for companies to protect retirement savings for customers and employees.
Why Individuals Should Be Concerned
Potential claims include:
- ERISA fiduciary breach
- Failure to prudently select an annuity provider
- Inadequate notice
- Loss of PBGC protection
- Failure to evaluate guaranty-fund limitations
- Economic loss from reduced pension security
Signs You May Be Affected
- Your pension was transferred to Athene.
- You received notice of an annuity buyout or pension risk transfer.
- You lost PBGC protection.
- You were not told how state guaranty protections apply.
- You believe the transfer reduced the security of your pension benefit.
If you have encountered these issues, we would like to hear from you. Please complete the contact form on this page, send us an email at [email protected], or give us a call at (202) 470-3520.