Talen Energy Pension Settlement: $20M
Were you (or a former spouse, or a deceased participant for whom you are the beneficiary) part of the Talen Energy Retirement Plan between June 1, 2015, and December 5, 2019, with employment ending during that period? If so, you may be part of a $20M class action settlement.
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Claim Form
Click Here to Submit a ClaimWho's eligible?
The settlement benefits individuals who participated in the Talen Energy Retirement Plan between June 1, 2015, and December 5, 2019. There are two key groups:
- Group 1: Terminated employees by a participating company.
- Group 2: Non-terminated employees not eligible for the disputed benefits.
Proof of Purchase
You don't need to file a claim form to receive a settlement payment. However, for a rollover option, submit a rollover form by July 1, 2024.
Settlement At a Glance
Settlement Amount
$4,000.00
Claim Form Deadline
07/01/2024
Exclusion Deadline (Opt-Out)
05/20/2024
Final Approval Hearing
06/03/2024
Additional Information
Former Talen Energy Corp. employees filed a class action lawsuit alleging the company violated federal pension laws by reducing their retirement benefits after a spin-off from Pennsylvania Power & Light in 2015.
The lawsuit specifically focused on early retirement programs offered to employees following the spin-off. These programs allegedly reduced pension benefits for terminated employees who participated, violating the Employee Retirement Income Security Act (ERISA), a federal law protecting employee pension rights.
Talen Energy settled the suit for $20 million, agreeing to compensate certain former employees without admitting any wrongdoing. The settlement aims to compensate individuals who participated in the Talen Energy Retirement Plan between June 1, 2015, and December 5, 2019.
The settlement divides eligible individuals into two groups:
- Group 1: Terminated employees by a participating company.
- Group 2: Non-terminated employees not eligible for the disputed benefits.
The payout structure differs between the groups:
- Group 2 receives a fixed payment of $4,000.
- Group 1 shares the remaining settlement fund equally.
There is no claim form required to receive a settlement payment. However, for a rollover option into an existing retirement account, a rollover form must be submitted by July 1, 2024. Class members are highly recommended to consult a tax professional to understand how the settlement payment might impact their taxes.
Think you might have a case? If you believe you've been affected by a similar situation, browse our list of Class Action Lawsuits and Open Class Action Settlements you may be able to join!
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Legal Representation
Case Name:
Class Counsel:
BAZELON LESS & FELDMAN PC
KELLER ROHRBACK LLP
Defense Counsel:
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