A federal court in Dallas, Texas has certified a class action on behalf of Verizon pension beneficiaries, permitting 41,000 retirees to sue as a group over the transfer of their pension benefits to Prudential Insurance Company of America.
Edward Stone testified at a public hearing in support of HB 6148 before the Connecticut Labor and Public Employees Committee . The proposed legislation seeks protections for retirees in pension de-risking transactions.
The February 18, 2013 edition of the Insurance Advocate, an insurance industry publication serving New York, New Jersey, Connecticut, Pennsylvania and Washington, D.C. ran a column by Peter Bickford entitled “Ongoing ELNY Debacle Exposes Serious Problems”, with a Guest Opinion “ELNY Decision Unjust to Victims” by Edward S. Stone, Esq. In his Foreward to that edition, Steve Acunto, editor and publisher of the Insurance Advocate stated: “While Peter Bickford and Ed Stone each lay this [ELNY debacle] at the doorstep of Superintendent Lawsky, it is not placed there as a personal attack on the Superintendent, particularly in these very pages where we have had so many good things to say about his performance, notably during Super Storm Sandy. The matter is inevitably placed in his path as the office holder. Stone refers to other Superintendents who have had a piece of this problem during their tenures. Unfortunately, it appears that the matter has been kicked down the road to this latest point. We believe that redress of some sort is due and that an appropriate response might come with the restructuring of that department so that accountability is ensured appropriately.”
Verizon Retirees Sue to Block Pension-Risk Transfer – Verizon’s transfer of its pension obligations to 41,000 retirees to Prudential stripped the retirees of the protections afforded them under ERISA and the Pension Benefit Guaranty Corporation (PBGC).
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