Migliaccio & Rathod LLP is investigating whether Verizon pension participants lost important federal pension protections when their pension obligations were transferred to a private insurer through a pension risk transfer or group annuity transaction.
Reported Issues
Verizon Pension participants report concerns about:
- Being transferred from an employer pension plan to an insurer-backed annuity.
- Losing PBGC protection after the transfer.
- Receiving unclear or incomplete information about the consequences of the transaction.
- Not being told whether the safest available annuity provider was selected.
- Concern that the employer reduced its pension obligations at the expense of retiree protections.
Why Individuals Should Be Concerned
Potential claims include:
- ERISA fiduciary breach
- Failure to investigate insurer solvency
- Inadequate participant notice
- Failure to protect retirees
- Loss of federal pension protections
- Economic loss from reduced benefit security
The concern is straightforward: employees earned pension benefits backed by an employer plan and federal protections, but the company may have moved those obligations to an insurer without fully explaining the risks or selecting the safest available option.
Signs You May Be Affected
- Your Verizon pension was transferred to an insurance company.
- You received notice of a pension risk transfer or annuity buyout.
- You lost PBGC protection.
- You were not clearly told how state guaranty protections work.
- You believe the transfer reduced your pension security.
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.