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Employee Benefits

Alcoa retirees sue over $2.8 billion pension assets transfer to Athene

April 17, 2024 Reprints

Four retirees from Alcoa Corp. are suing the company and its pension plan fiduciaries, alleging that they violated the Employee Retirement Income Security Act by transferring $2.8 billion in defined benefit assets to insurance company Athene Holdings, which they claim is a riskier investment than a traditional pension fund. Pensions & Investments reports. The lawsuit argues that this move deprived retirees of protection under ERISA and the Pension Benefit Guaranty Corp.

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Alcoa retirees sue over $2.8 billion pension assets transfer to Athene

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