ERISA • Anti-Cutback Rules • Safe Harbor • Plan Amendments • Early Retirement Subsidy
Romero v. Allstate Ins. Co., PICS Case No. 17-0754 (E.D. Pa. April 27), Kearney, J. (55 pages).
The court found that insurance company’s 1991 plan amendment had a safe harbor and did not improperly cutback on benefits but that company’s interpretation of “retire” did act as a cutback for certain plaintiffs who converted to exclusive agent status with 20 years of continuous service and then later separated from company’s service upon terminating their EA status between the ages of 55 and 63.
