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Member, Beacon International Group, Ltd.
A federal judge in Michigan has dismissed a lawsuit against The Kellogg Company brought by retirement plan participants, Plansponsor reports. The plaintiffs alleged the company violated the Employee Retirement Income Security Act by using outdated mortality tables when converting single life annuities to joint survivor annuities. However, U.S. District Court Judge Stephen J. Murphy III ruled that the plaintiffs' arguments did not apply to the annuities in question and that ERISA does not require the use of certain mortality tables or assumptions.