Walker v. Monsanto Company Pension Plan

Dist. Ct. did not err in granting defendant-pension plan's motion for summary judgment in action alleging that instant pension plan violated ERISA by discontinuing yearly 8.5% interest credits in calculation of plaintiffs' pension benefits once plaintiffs reached age of 55. Ct. rejected plaintiffs' claim that instant interest credits formed part of employees' benefit accrual where Ct. found that employees receiving interest credits prior to age 55 did not receive more benefits that employees retiring at normal retirement age and said credits did not affect ultimate value of pension payments given to employees retiring at normal retirement age. Moreover, instant plan satisfied ERISA requirement that all employees receive actuarial equivalent of pension benefits even if employees take lump-sum payments for retiring early.