Pension Litigation Update 7/30/19

From Attorney Charlie Monk


Judge Rubin conducted a status conference this morning to get an update on the work being done by the actuaries (with counsel’s assistance) to determine the assumptions upon which the damages calculations will be based in the format proposed by the City’s actuary  (Mr. Reese) and adopted by the Court in her Memorandum Opinion of May 13, 2019.  This status conference had originally been scheduled for last week, but a scheduling conflict caused its adjournment to this morning.  The work with the actuaries is nearing completion.  The parties reported that there are three issues affecting the calculation of damages under the Reese model that, in all likelihood, cannot be brought to a negotiated resolution, but rather, will have to be brought to the Court for resolution.  Judge Rubin set August 13 as the date for the parties to file papers explaining their positions on those issues.  She promised to resolve those issues promptly.   In addition,  the Judge is requiring the proposed class notice to be filed shortly after her decision on these open issues, paving the way for notice to be sent to class members giving them the opportunity to opt out of the Court-approved class for retirement-eligible and retired members of the plan.