Pactiv Evergreen and Weyerhaeuser retirement plan class action: Who’s affected?
Did Pactiv Evergreen or Weyerhaeuser transfer your retirement savings to Athene? If so, you may be eligible to receive compensation. Fill out the form on this page for more information.
As individuals plan for retirement, they should carefully consider their options. Prudent savers compare different investment vehicles and closely examine risks and potential returns. However, some employers do not exercise the same level of diligence when managing hard-earned retirement savings.
Pactiv Evergreen and Weyerhaeuser have both transferred the retirement assets of their former employees to Athene, a financial institution with offshore subsidiaries that offers annuities. This decision represents a significant departure from decisions to invest in more traditional annuities or pension insurance providers. Athene regularly invests in lower-quality, higher-risk assets, jeopardizing the financial security of retirees.
Do you qualify?
If you retired from Pactiv Evergreen or Weyerhaeuser you may be eligible to take part in a class action lawsuit regarding the handling of your retirement plan. Fill out the form on this page to learn more.
Please fill out the form on this page for more information.
What is an annuity?
An annuity is a type of insurance product financial institutions offer to help retirees increase their cash flow. It provides supplemental funds if a retiree outlives their savings.
This product type comprises two distinct phases: accumulation and annuitization. During the accumulation phase, the retiree invests money in regular installments or in a single lump sum. Upon reaching the annuitization phase, the individual begins receiving payouts that will continue for the remainder of the retiree’s life. Thus, an annuity guarantees income for life and helps mitigate financial risks.
Properly utilized, annuities provide assurance and stability during one’s golden years. However, when mishandled annuities can cost retirees a significant portion of their savings.
Pactiv Evergreen and Weyerhaeuser accused of jeopardizing retirement plan assets
Most financial institutions that offer annuity products exercise caution when investing customer funds. However, a small number of firms have invested portions of their annuity portfolios in assets that carry greater risk and are not suitable for retirement savings.
Athene is one such firm that invests annuity contributions into assets with higher risk profiles. Recently, Lumen and Weyerhaeuser transferred the retirement plans of their former employees to Athene’s management.
While diversifying financial partners can be a reasonable business decision, companies have a duty to vet those partners carefully. This becomes especially important when trusting those partners with the hard-earned savings of workers who devoted their careers to the company.
Fill out the form on this page to see if you qualify for a free case evaluation.
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