JPMorgan Chase is refusing to pay a month-to-month pension to a widow whose husband labored on the financial institution for 10 years earlier than his premature demise.
Elaine Silverberg’s departed partner Melvyn labored as a programs analyst at Chase Manhattan Financial institution from 1969 to 1979, reviews the New York Publish.
Melvyn died in 1988 as a consequence of a number of organ failure and since then, Elaine has been in a standoff with JPMorgan Chase.
The financial institution has refused to disburse an estimated $53,000 pension amassed by Melvyn for greater than three many years. A letter from the Social Safety Administration seen by the New York Publish signifies that Melvyn’s untouched pension account may give Elaine an additional $331 per thirty days.
Elaine says she feels just like the financial institution has squished her like a bug.
“If Jamie Dimon have been conscious of this, he would want to do the correct factor and honor the pension.
Nothing is stopping them from doing so. You’ll suppose the financial institution would wish to do the correct factor. They’ve handled me like an insignificant cockroach simply to be stepped on.”
The lending big says that whereas Melvyn is entitled to a vested retirement package deal previous to his departure from the financial institution, he did not fill out paperwork that may have declared Elaine because the beneficiary of the pension after his passing.
About 40 years in the past, Ronald Raegan’s administration handed the Retirement Fairness Act of 1984, which requires certified pension plans to offer computerized survivor advantages. However as a result of Melvyn left the financial institution earlier than the regulation was handed, JPMorgan argues that his failure to fill out a type means Elaine isn’t entitled to something.
Says a JPMorgan spokesperson,
“Whereas we sympathize with Mrs. Silverberg, she is asking us to pay with out vital documentation. We observe the phrases of our pension plan that may not allow particular person exceptions.”
JPMorgan merged with Chase Manhattan Financial institution in 2000. Final quarter, the financial institution recorded $12.9 billion in internet earnings.
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