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 methods analyst at Chase Manhattan Financial institution from 1969 to 1979, stories the New York Submit.
Melvyn died in 1988 attributable to 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 Submit signifies that Melvyn’s untouched pension account might 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 had been conscious of this, he would want to do the suitable factor and honor the pension.
Nothing is stopping them from doing so. You’ll assume the financial institution would need to do the suitable factor. They’ve handled me like an insignificant cockroach simply to be stepped on.”
The lending large says that whereas Melvyn is entitled to a vested retirement package deal previous to his departure from the financial institution, he didn’t fill out paperwork that will 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 automated 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 essential documentation. We comply with the phrases of our pension plan that will not allow particular person exceptions.”
JPMorgan merged with Chase Manhattan Financial institution in 2000. Final quarter, the financial institution recorded $12.9 billion in web earnings.
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