JPMorgan Chase & Co. is refusing to pay a monthly pension to a widow whose husband worked at the bank for 10 years before his untimely death.
Elaine Silverberg's late spouse, Melvin, worked as a systems analyst at Chase Manhattan Bank from 1969 to 1979. report New York Post.
Melvin died of multiple organ failure in 1988, and Elaine has been at odds with JPMorgan Chase ever since.
The bank is refusing to pay Melvin an estimated $53,000 in pension funds he has accumulated over 30 years. Melvin's untapped pension account could provide Elaine with an additional $331 per month, according to a letter from the Social Security Administration obtained by the New York Post.
Elaine says she feels like the banks are crushing her like a bug.
“If Jamie Dimon knew this, he would want to do the right thing and respect his pension.
Nothing prevents them from taking action. Banks will want to do the right thing. They treated me like an insignificant cockroach to be stepped on. ”
The financial giant claims Melvin failed to fill out paperwork declaring Elaine as the beneficiary of his pension after his death, even though he was entitled to receive a defined retirement benefit before leaving the company.
Nearly 40 years ago, President Ronald Reagan's administration passed the Retirement Equity Act of 1984, requiring qualified pension plans to provide automatic survivor benefits. But because Melvin left the bank before the law was passed, JPMorgan argues that Melvin's failure to fill out the form means Elaine has no rights.
A JP Morgan spokesperson said:
“We sympathize with Mrs. Silverberg, but she is asking us to pay without the necessary documentation. We are subject to the terms of the pension plan, which does not allow for individual exceptions.”
JPMorgan merged with Chase Manhattan Bank in 2000. recorded Net income was $12.9 billion.
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