The retirees said ERISA requires companies to ensure that ILO monthly payments are calculated using specific actuarial assumptions, including applicable mortality tables and interest rates published by the Treasury Department. However, DuPont relied on models that failed to account for improved mortality rates since the 1960s, costing retirees tens of thousands of dollars, according to the complaint.
Weeks later, James Manning lodged his complaint against DuPont, claiming its use of outdated actuarial tables also excessively reduced benefits paid out to people who opted to receive spousal benefits.
Judge Hall wrote that she also would deny the Hamrick complaint objections because they focused only on nonbinding dicta in the magistrate’s report.
“I do not think I need to join in a discussion about dicta, and by adopting a report and recommendation, I do not necessarily join in every word of a magistrate judge,” Judge Hall wrote.
Manning also alleged in his complaint that DuPont violated its fiduciary duty because it administered the plan knowing that its use of faulty models violated federal benefits law.
