JPMorgan Chase has refused to pay monthly pension payments to the widow of a man who worked for JPMorgan Chase 10 years prior to his premature death.
Melvyn, Elaine Silverberg’s late spouse Melvyn was a system analyst at Chase Manhattan Bank between 1969 and 1979. This is according to the New York Post.
Melvyn passed away in 1988 from multiple organ failure. Since then, Elaine is in a struggle with JPMorgan Chase.
Melvyn’s pension of $53,000, which he has accumulated over three decades, is not being paid by the bank. According to a letter seen by The New York Post, Melvyn could be able to give Elaine $331 extra per month if her pension is not paid.
Elaine feels that the bank has squeezed her into a puddle.
If Jamie Dimon knew about this situation, he’d do what is right and honour the pension.
They are not stopping. One would expect the bank to want to do what is right. I was treated like a cockroach, just for the sake of being stepped upon .”
According to the lending giant, Melvyn was entitled to an inherited retirement package before he left the bank. However, Melvyn failed to complete the paperwork declaring Elaine the recipient of his pension upon his death.
Ronald Raegan passed the Retirement Equity Act of 1985 in 1984. This law requires that qualified pension plans provide automatic survivors benefits. JPMorgan says that because Melvyn quit the bank before it was passed by the government, Elaine has no right to any benefits.
A spokesperson for JPMorgan says:
We sympathize, but Mrs. Silverberg is asking for payment without the necessary documents. Our pension plan does not allow individual exceptions .”
JPMorgan and Chase Manhattan Bank merged in 2000. The bank’s net profit for the last quarter was $12.9 billion.
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