JPMorgan Chase is refusing to pay a monthly pension to a widow whose husband worked at the bank for 10 years before his untimely death.
Melvyn, the late wife of Elaine Silverberg, worked as a systems analyst at Chase Manhattan Bank from 1969 to 1979. reports the New York Post.
Melvyn died in 1988 due to multiple organ failure and since then Elaine has been at a standoff with JPMorgan Chase.
The bank refuses to pay out Melvyn’s pension, which is estimated to have been accrued for more than three decades. A letter from the Social Security Administration seen by the New York Post shows that Melvyn’s untouched retirement account could earn Elaine an additional $331 per month.
Elaine says she feels like the couch has squashed her like an insect.
“If Jamie Dimon knew about this, he would want to do the right thing and honor the pension.
Nothing stops them from doing this. You would think that the bank would want to do the right thing. They treated me like an insignificant cockroach that just needed to be stepped on.”
The credit giant says that while Melvyn was entitled to a fixed pension package before leaving the bank, he failed to complete the paperwork that would have declared Elaine the beneficiary of the pension after his death.
About four decades ago, Ronald Raegan’s administration passed the Retirement Equity Act of 1984, which requires qualified retirement plans to provide automatic survivor benefits. But because Melvyn left the bank before the law was passed, JPMorgan claims that his failure to complete a form means that Elaine is not entitled to anything.
A JPMorgan spokesperson said:
“While we sympathize with Ms. Silverberg, she asks us to pay without the necessary documentation. We follow the terms of our pension plan, which do not allow for individual exceptions.”
JPMorgan merged with Chase Manhattan Bank in 2000. The bank went bankrupt last quarter included $12.9 billion in net income.
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