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Published: Thursday, 4/15/2004

KeyCorp retiree alleges pensioners shorted

A retiree of KeyCorp has filed a lawsuit filed in U.S. District Court in Toledo that contends that the banking company's pension fund short-changed many retirees who took lump-sum payments from their cash-balance accounts from 1995 to 2000.

The suit filed this week states that KeyCorp, administrator of the pension plan, did not do all the calculations required by the Employee Retirement Income Security Act and paid some retirees a lower amount than they were due. It lists Beverly Goins, a former manager, as plaintiff, but seeks certification as a class-action suit.

A KeyCorp spokesman said the company doesn't comment on pending litigation.

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