Did you start receiving a pension from KeyCorp – specifically, the Consolidated Cash Balance Plan? Were you married when your benefits started? If so, you may be receiving pension benefits that are too low and you may have a claim.
Generally, retirees who get a pension are entitled to a monthly payment for the rest of their life, which is called an annuity. Retirees can choose to receive their pension benefits as an annuity just for them or they can choose an annuity with a “survivor benefit” — which continues the monthly payments to a spouse after the retiree dies. For married retirees, the default option is a “survivor benefit.” To convert a normal annuity to a survivor benefit annuity, plans use complicated formulas based on life expectancies and interest rates.
We believe KeyCorp may be using a faulty formula to calculate survivor benefit annuities leaving retirees (and their spouses) with less money than they should receive.
If you started collecting pension benefits from KeyCorp in the last 6 years AND were married when your benefits began, please contact us to see if you qualify.
We’re here to help, so don’t delay and please fill out the form on this page.