Legal Opinion
Edward H. Mathews, Individually and on Behalf of All Others Similarly Situated v. Sears Pension Plan and Sears, Roebuck & Company
Court of Appeals for the Seventh Circuit
Decided June 26, 1998No. 97-2938PublishedCited by 97 opinions
1Opinion of the Court
POSNER, Chief Judge.
This is a class action under ERISA against Sears Roebuck’s pension plan. It is brought on behalf of those employees of Sears who upon retiring received (between 1987 and 1994) a lump sum payout in lieu.of an annuity. The determination of the lump sum required discounting to present value the future payments that the retiree would have received had he elected the annuity form of pension. Discounting requires the selection of a discount rate. The Pension Benefit Guaranty Corporation recomputes the applicable rate every month. Sears’ unvarying practice during the period…
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3Cited by97 opinions
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