Elaine Silverberg, a 73-year-old widow, has been fighting JPMorgan Chase for 13 years over their refusal to pay her late husband’s estimated $331 monthly pension.
When her husband Melvyn Silverberg passed away suddenly in 1988 at age 43 from multiple organ failure, Elaine was just 37 and left to raise three children on her own. The largest bank in country, which reported $12.9 billion in profits last quarter, has denied her the pension claiming she lacks “necessary documentation.”
Now after sitting untouched for more than 35 years, the unpaid amount has grown to $53,000, according to the New York Post report.
“You would think the bank would want to do the right thing. They have treated me like an insignificant cockroach just to be stepped on,” she told the outlet. “If Jamie Dimon were aware of this, he would wish to do the right thing and honor the pension.”
JPMorgan Chase remains firm in their stance. “While we sympathize with Mrs. Silverberg, she is asking us to pay without necessary documentation,” a spokesperson said to the New York Post “We follow the terms of our pension plan that would not permit individual exceptions.”
But does the bank have the right to withhold her husband’s pension? Here’s what you need to know to avoid facing a similar battle.
Melvyn Silverberg worked for a decade until 1979 as a systems analyst at Chase Manhattan Bank, a company that would later merge with JPMorgan in 2000. Despite his service, JPMorgan Chase has consistently denied Elaine access to his pension, citing incomplete paperwork as the problem.
JPMorgan claims that Melvyn never filled out a form that elected his wife to benefit from his pension upon his death despite the bank sending him letters. Elaine insists they never arrived.
She would be entitled to his pension automatically except Melvyn left Chase Manhattan before the 1984 Retirement Equity Act was passed. This amendment to the Employee Retirement Income Security Act (ERISA) made sure spouses automatically received survivor benefits from pension plans.
