Adams v. Anheuser-Busch Co., Inc., No. 13-3149 (6th Cir. 2014)
Annotate this CasePlaintiffs, salaried employees of Metal Container, participated in the Anheuser-Busch qualified defined-benefits pension plan under the Employee Retirement Income Security Act, 29 U.S.C. 1001-1461 (ERISA). The plan was amended in 2000 to add that upon a change in control, the retirement benefits of a participant “whose employment with the Controlled Group is involuntarily terminated within three (3) years after the Change in Control shall be determined by taking into account an additional five (5) years of Credited Service and ... an additional five (5) years of age.” The amendment followed management’s recognition that the plan was overfunded and might attract a potential acquirer. In 2008, InBev acquired Anheuser-Busch, including its subsidiary Metal Container, in a hostile takeover that was a “change in control” under the amendment. Plaintiffs continued working for Metal Container and remained employees of Anheuser-Busch’s Controlled Group until October 1, 2009, when InBev spun off Metal Container plants in a sale to Ball Corporation. Plaintiffs became employees of Ball. Plaintiffs sought recalculation of their future Anheuser-Busch retirement benefits, claiming that because their employment ended within three years of a change in control, they were entitled to enhanced benefits, regardless of the fact that Ball guaranteed them continued employment with substantially similar salary and benefits. Their claims were denied on the ground that they had not experienced unemployment. The district court dismissed their 29 U.S.C. 1132(a) claims of enhanced retirement benefits and breach of fiduciary duty. The Sixth Circuit reversed, finding the court’s reading of the 2000 amendment flawed.
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