Retirement Plan Communications Failed to Adequately Disclose Implications of Wear-Away Period to Retirement Plan Participants | Practical Law
In Osberg v. Foot Locker, Inc., a plan sponsor that converted a defined benefit plan to a cash balance plan and instituted a wear-away was ordered to reform the plan to provide the benefit that the participants reasonable expected because the plan's communications to participants did not clearly and adequately explain the implications of the wear-away and how benefits were calculated.