Updated
June 9, 2024
If you began collecting a Siemens pension in the last six years and were married when payments started, your survivor benefit may have been miscalculated — here is what to check.
Did you start receiving a pension from Siemens in the last six years?
Were you married when your benefits started? If so, you may be receiving pension benefits that are too low and you may have a claim.Siemens may be using an outdated formula to calculate survivor benefit annuities leaving retirees (and their spouses) with less money then they are entitled to.
If you started collecting pension benefits from Siemens in the last 6 years AND were married when your monthly benefits began, please use the links below in order to see if you qualify.
Status
Investigation Ongoing
Attorneys are evaluating potential claims; no lawsuit has been certified
Who May Qualify
Married Siemens pensioners
Whose monthly benefits began in the last 6 years while they were married
Estimated Payout
Varies
Depends on the alleged underpayment and the facts of each claim
Proof Required
Yes
Pension records showing your benefit start date and marital status
Survivor Benefits for Pensioners' Spouses May Be Too Low
Generally speaking, retirees who get a pension are entitled to a monthly payment for the rest of their life, referred to as an annuity. Former employed retirees can choose to receive their pension benefits as an annuity just for themselves or an individual can choose an annuity with something called a “survivor benefit”.This "survivor benefit" is a pensions payout that continues with monthly pension payments to a spouse even after the retiree dies. For married retirees, generally speaking the default option is this “survivor benefit.” To convert a normal annuity to a survivor benefit annuity, pension plans use complicated actuarial formulas based on life expectancies and interest rates. If you were married when your benefits started this may indicate that you could be receiving pension benefits that are too low and you may have a valid claim for compensation.
How Do I Qualify for a Pension Benefits Claim?
Many employers in the U.S., such as Siemens, may have been using a faulty formula to calculate survivor benefit annuities leaving retirees (as well as their spouses) with less money than they should be receiving from their pensions. If you started collecting pension benefits from any employer in the United States within the last 6 years and you were married at the time that your benefits payments began, please fill out the form, linked below, to see if you qualify.Free settlement alerts
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