Elaine Silverberg, the widow of a former JPMorgan Chase employee, has been fighting for over 13 years to receive her late husband’s pension of $331 a month after his unexpected death in 1988. Despite the bank’s profits exceeding $12 billion in the third quarter and the mounting pension fund of $53,000 sitting untouched for over 35 years, JPMorgan Chase has refused to pay out the pension, citing that Melvyn Silverberg did not complete the necessary paperwork before his death. Elaine, who was left to raise their three kids alone at the age of 37, has struggled to obtain the funds that rightfully belong to her.
The Social Security Administration estimates that the untapped account is worth $331 a month, but JPMorgan Chase has continued to deny Elaine access to her late husband’s pension pot. Despite acknowledging that Mel earned a vested retirement package, the bank insists that he failed to fill out a form electing Elaine to benefit from his pension upon his death. While the Retirement Equity Act of 1984 was enacted to protect spouses in such situations, because Mel passed away before the change in law, Elaine was not deemed entitled to the pension by the bank.
JPMorgan Chase maintains that Elaine is asking for payment without the necessary documentation and states that they follow the terms of their pension plan without any exceptions. Although the bank claims to have tried to contact Melvyn Silverberg to discuss spousal coverage, including after his death in 1990, Elaine and advocates argue that the burden of proof has been unfairly shifted onto the participant, making it challenging for families to claim the pensions they are entitled to. Despite enlisting support from politicians like Sen. Cory Booker and former Congressman Eliot Engel, JPMorgan Chase has continued to hold a hardline stance regarding Mel’s retirement fund.
Former coworkers of Melvyn Silverberg, including Elazer Lew, have criticized JPMorgan Chase for its treatment of Elaine, noting that Mel would be dismayed by the bank’s refusal to pay out the pension. Even though Elaine retired in 2011 and cannot afford expensive legal representation to take on the financial institution, she remains committed to seeking justice for her late husband’s hard-earned pension. While JPMorgan Chase insists on adhering to their pension plan terms, Elaine emphasizes that the issue is not about financial need but about fairness and the rightful entitlement to her husband’s pension, which he earned through years of service at the bank.
