Talen Energy has settled a $20 million ERISA lawsuit alleging reduced pension benefits for terminated employees.
Energy Corp. Settlement Details and Distribution Plan
Talen Energy Corp. has agreed to a $20 million settlement to resolve allegations under the Employee Retirement Income Security Act (ERISA). The settlement addresses claims that Talen Energy reduced pension benefits for terminated employees in their retirement plan between June 2015 and December 2019. Despite not admitting wrongdoing and Talen Energy chose this settlement to settle the ERISA lawsuit.
The settlement fund will be divided between two groups: Group One includes terminated individuals who may receive payments ranging from $4,000 to $365,759. Group Two consists of members who did not qualify for disputed benefits but will each receive a fixed payment of $4,000. Class members do not need to submit a claim form to receive their payment, simplifying the process, according to the report of The US Sun.
(photo: Top Class Actions)
Important Considerations for Energy Corp. Settlement Recipients
It’s recommended that recipients consult tax professionals about the tax implications of their payments. For those wishing to transfer their settlement into an existing retirement account, a rollover form must be submitted by July 1, 2024. This deadline emphasizes the importance of acting promptly for those interested in this option.
This settlement offers a chance for eligible individuals to claim a portion of the $20 million fund. It provides financial relief for those affected by the alleged ERISA violations. With the deadline approaching, affected parties should review their eligibility and consider their next steps carefully to ensure compliance with any necessary requirements.
