‘Treated me like an insignificant cockroach’: This NY widow, 73, has fought JPMorgan Chase for 13 years to recover her late husband’s $53K pension pot — here’s how to avoid a similar fight

Is she entitled to the benefits?

Melvyn Silverberg worked for a decade until 1979 as a systems analyst at Chase Manhattan Bank, a company that would later merge with JPMorgan in 2000. Despite his service, JPMorgan Chase has consistently denied Elaine access to his pension, citing incomplete paperwork as the problem.

JPMorgan claims that Melvyn never filled out a form that elected his wife to benefit from his pension upon his death despite the bank sending him letters. Elaine insists they never arrived.

She would be entitled to his pension automatically except Melvyn left Chase Manhattan before the 1984 Retirement Equity Act was passed. This amendment to the Employee Retirement Income Security Act (ERISA) made sure spouses automatically received survivor benefits from pension plans.

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A lesson in estate planning

Elaine’s situation is a reminder of what can happen when estate planning is overlooked or mishandled. Ensuring that all necessary paperwork is completed and that beneficiaries are clearly designated can prevent the kind of drawn-out emotionally draining battle she has faced.

According to the Caring.com 2024 Wills and Estate Planning Survey, only 32% of Americans have a will.

“Wills and estate planning are essential for everyone, not just the wealthy. Every person over the age of 18 should have an estate plan, no matter their financial situation,” says Patrick Hicks, General Counsel of Trust & Will, a digital estate planning and probate platform.

The Insurance Information Institute even stresses the importance of being specific when naming beneficiaries and to include full name, birth dates and social security numbers to avoid any disputes.

For those looking to safeguard their loved ones, it’s important to stay proactive about estate planning. Regularly reviewing and updating beneficiary information and seeking legal advice when necessary can make a big difference.