JPMorgan Chase is refusing to pay a monthly pension to a widow whose husband worked at the bank for 10 years. Elaine Silverberg’s late husband, Melvyn, worked as a systems analyst at Chase Manhattan Bank from 1969 to 1979. He died in 1988, leaving Elaine in a dispute with the bank.
Bank Refuses $53,000 Pension
JPMorgan claims Melvyn failed to fill out paperwork designating Elaine as the beneficiary of his pension after his death. This means Elaine is not entitled to the estimated $53,000 pension accumulated over three decades.
Elaine Feels Ignored
Elaine is furious, feeling like the bank has treated her poorly. “If Jamie Dimon [JPMorgan CEO] knew about this, he would want to do the right thing and honor the pension,” she said. “They have treated me like an insignificant cockroach.”
JPMorgan: “We Follow the Rules”
JPMorgan says they are sympathetic to Elaine’s situation but cannot make exceptions to their pension plan rules. They argue that Melvyn’s failure to complete the necessary paperwork prevents them from paying the pension.
Law Passed After Melvyn Left
The Retirement Equity Act of 1984, which requires automatic survivor benefits, was passed after Melvyn left the bank. This means the law doesn’t apply to his case.
JPMorgan’s Profitability
Despite this dispute, JPMorgan is doing well financially. The bank reported $12.9 billion in net income last quarter.
