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| Photo: Don Farrall / Getty Images |
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Waiting For Benefits? People forced to wait for disability or pension payments owed them by benefit plans will now be paid interest when they finally collect.
The two U.S. Circuit
Court of Appeals ruled in January that plans must pay interest on delayed
benefits after hearing a case involving a New York woman whose claim
for long-term disability payments was denied for over four years. When
Metropolitan Life Insurance Co., her company's insurer, finally granted
the claim and gave her a lump sum for the 55 months her claim was disputed,
it refused to pay interest on it.
In a friend of the court
brief, AARP argued it was unfair for MetLife to have free use of the
beneficiary's money for that period, and the court agreed.
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