IBM has faced renewed legal challenges as an appeals court has allowed a lawsuit claiming the company used outdated mortality data to underfund retiree pensions to proceed. Initially dismissed, the case brought forth by retiree Joshua Knight and others insists that IBM's reliance on 1984 mortality tables led to reduced pension payouts, violating ERISA regulations. The court emphasized the need for further document discovery to examine the validity of the claims regarding the misuse of actuarial assumptions in calculating benefits.
"The 1984 table relied on mortality experience data among non-insured private pensioners observed over the years 1965-1970, resulting in predictions of considerably shorter lifespans."
"The appeals judges found that they should have done more to verify the timing of the documents presented, leading to further opportunities for document discovery."
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