Plaintiffs’ Pension Risk Transfer Claims Don’t Stand: Verizon Scores Sweeping Dismissal, and DOL Urges Same Fate for Lockheed

Since the first quarter of 2024, 10 plan sponsors (along with named and independent fiduciaries) have been sued in 13 putative class actions challenging pension risk transfers (PRTs), which are transfers to insurance companies of a portion or all of a defined benefit pension plan’s liabilities through the purchase of a group annuity contract.  Generally,... Continue Reading