JPMorgan Chase has declined to disburse an estimated monthly pension of $331 to the widow of a former employee, alleging that he did not complete the required forms prior to his unexpected passing. Melvyn Silverberg, who was a systems analyst at Chase Manhattan Bank until 1979, tragically died at the age of 43 in 1988. In 2000, Chase Manhattan merged with JPMorgan.
Elaine Silverberg, now 73, has spent more than 13 years fighting the financial institution for her deceased husband’s retirement benefits after her own retirement. At the time of Mel’s death, she was just 37 and was left to raise their three children single-handedly. Despite the pension fund being valued at around $53,000 and remaining untouched for over 35 years, JPMorgan Chase insists it cannot release the funds due to missing documentation.
Authorities at the Social Security Administration have estimated the dormant account to yield $331 monthly, as outlined in a letter to Mel’s widow. “One would think the bank would desire to act ethically. They have treated me like an unimportant pest, simply there to be ignored,” Elaine Silverberg remarked.
The bank admits that Mel Silverberg was entitled to a vested retirement plan before his departure. However, JPMorgan Chase contends that Mel did not file a form that would have allowed his wife to receive his pension after his passing. The Retirement Equity Act of 1984 guarantees that spouses automatically receive benefits in the event of death, but since Mel left the bank prior to the law’s implementation and failed to complete the necessary paperwork, JPMorgan argues that Elaine is ineligible for the pension.
“While we empathize with Mrs. Silverberg, she is requesting payment without proper documentation,” a JPMorgan representative commented.
Widow fights for her husband’s retirement benefits
“We adhere to the stipulations of our pension program, which do not allow for exceptions on an individual basis.”
Correspondence reviewed indicates that JPMorgan claims it reached out to Mr. Silverberg three times regarding spousal coverage, including once in 1990, two years after his death. The company asserts that it was not made aware of his death at that time.
Elaine disputes that she never received any of the aforementioned letters. Christopher Dagg, a senior legal advisor at the Mid-Atlantic Pension Counseling Project, stated that the bank’s stance is “weak.” He pointed out that retirement plans often struggle to prove they have sent vital documents yet claim compliance with rules, placing the onus on the participant or their beneficiaries to refute this years later. Elaine has even reached out for support from New Jersey Senator.
Cory Booker and former Congressman Eliot Engel to champion her cause. Engel, who exited office in 2021, highlighted in a letter that Mrs. Silverberg is entitled to her husband’s pension according to numerous bank representatives.
Elazer Lew, one of Mel’s former colleagues, criticized JPMorgan Chase, asserting that Mel would be “turning in his grave” if he were aware of how his widow is being treated. Despite retiring from her position as an administrator for the New York State Assembly in 2011, Elaine claims she cannot afford the legal expenses to contest one of the world’s major financial institutions. “This amount represents a significant sum for me.”
For them, it’s merely a joke,” she shared. “I have a strong feeling that Mel would be horrified by how they are treating me.”
Elaine Silverberg continues to urge JPMorgan’s CEO, Jamie Dimon, to get involved and correct the injustice regarding her late husband’s well-deserved pension.
