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Talen Energy Settlement: $20M for Pension Benefit Reduction Claims – Details for Workers

(photo: Top Class Actions)

Talen Energy Settlement

$20M Resolves Pension Benefit Reduction Claims

Talen Energy Corporation has agreed to a $20 million settlement to resolve claims of reducing pension benefits for workers in its retirement plan from June 2015 to December 2019. The settlement reached after mediation and without admitting wrongdoing aims to address alleged violations of the Employee Retirement Income Security Act, according to the report of The US Sun.

The settlement offers up to $4,000 each to hundreds of workers. 132 current employees will receive a fixed $4,000 payment each while around 200 former employees could receive between $4,000 and $365,759 depending on their circumstances.

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(photo: Tipranks)

Important Details for Talen Energy Workers

Workers eligible for compensation do not need to file a claim but must complete a rollover form by July 1, 2024, if they want to transfer their payment into an existing retirement account. This option allows for tax-deferred rollovers into IRAs or employer-sponsored plans.

Those choosing to rollover will have their payment transferred electronically to their chosen financial institution or retirement plan. Alternatively, those opting not to rollover will receive a check directly. These options aim to provide flexibility in managing financial outcomes for affected individuals.

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