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 loss of life.
Elaine Silverberg’s departed partner Melvyn labored as a methods analyst at Chase Manhattan Financial institution from 1969 to 1979, reviews the New York Publish.
Melvyn died in 1988 resulting from 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 collected 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 might give Elaine an additional $331 monthly.
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 precise factor and honor the pension.
Nothing is stopping them from doing so. You’d suppose the financial institution would need to do the precise 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 bundle previous to his departure from the financial institution, he didn’t fill out paperwork that might 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 supply computerized survivor advantages. However as a result of Melvyn left the financial institution earlier than the legislation 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 comply with the phrases of our pension plan that might 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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