Magazine article from our research archive:
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Company Violation of Fiduciary Duty May Cause Pension Loss
- Article from:
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The CPA Journal
- Article date:
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May 1, 1998
- Author:
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Copyright informationCopyright New York State Society of Certified Public Accountants May 1998. Provided by ProQuest LLC. (Hide copyright information)
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The U.S. Court of Appeals for the Second Circuit has held that Kodak breached its fiduciary duty by failing to notify a retirement plan participant that it she died before the effective date of her retirement, she would be ineligible to receive a single sum distribution of her benefits. The lump sum would have been in excess of $200,000.
Because the participant died three days before her retirement date, her surviving spouse instead received a life annuity of $103 per month.
The participant went on shortterm disability leave April 20, 1990. At the time she was eligible for early retirement under the Kodak retirement plan's "55/10" rule, which allowed employees who have attained age 55 and ...
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