Masten v. Metropolitan Life Insurance Company

Plaintiffs brought this class action lawsuit on behalf of themselves and all participants and beneficiaries of the Metropolitan Life Retirement Plan (the “Plan”) who are receiving an optional form of retirement benefit (other than a lump sum distribution).  Plaintiffs allege that the alternative forms of benefit, such certain joint and survivor annuities, are not the actuarial equivalent of the standard benefit offered under the Plan in violation of the Employee Retirement Income Security Act of 1974 (“ERISA”).  Retirees that select these alternative forms of benefits receive less in their monthly pension checks than they should as a result of the outdated actuarial formulas used by Defendants.

Plaintiffs filed a Corrected Amended Complaint on March 26, 2019. Defendants filed a Motion to Dismiss the Amended Complaint on April 18, 2019.

On June 14, 2021, the court issued an Order granting in part and denying in part the Defendants’ Motion to Dismiss. Defendants then filed an Answer to the Corrected Amended Complaint on July 2, 2021. This case is currently in active litigation.