Pension & Retirement Promises – Binding or Ethereal?

The weekend Wall Street Journal wrote about a private sector case concerning retirement benefits that is before the United States Supreme Court. It starts,

“The Supreme Court is set to answer a question with huge implications for workers: Are employers’ promises of benefits such as pension payments and health-care insurance worth the paper they are written on?”

Reporter Ellen Schultz summarizes the case like this:

“At issue: If your employer deliberately provides inaccurate information about your benefits, and you rely on it to your detriment, do you have recourse?”

Locally, ex-Abbott Laboratories who went with the spin-off Hospira Inc. await the decision. Abbott denies making pension promises and the Illinois Federal court agreed.

Cigna Corp retirement benefits are also being litigated in the case.

Public employees might end up being interested.

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