‘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

Kevin Dietsch/Getty Images

While we adhere to strict editorial guidelines, partners on this page may provide us earnings.

Victoria Vesovski

Updated Nov 14, 2024

Victoria Vesovski

Updated Nov 14, 2024

Elaine Silverberg, a 73-year-old widow, has been fighting JPMorgan Chase for 13 years over their refusal to pay her late husband's estimated $331 monthly pension.

When her husband Melvyn Silverberg passed away suddenly in 1988 at age 43 from multiple organ failure, Elaine was just 37 and left to raise three children on her own. The largest bank in country, which reported $12.9 billion in profits last quarter, has denied her the pension claiming she lacks "necessary documentation."

Now after sitting untouched for more than 35 years, the unpaid amount has grown to $53,000, according to the New York Post report.

“You would think the bank would want to do the right thing. They have treated me like an insignificant cockroach just to be stepped on,” she told the outlet. "If Jamie Dimon were aware of this, he would wish to do the right thing and honor the pension."

JPMorgan Chase remains firm in their stance. “While we sympathize with Mrs. Silverberg, she is asking us to pay without necessary documentation,” a JPMorgan spokesperson said to the New York Post “We follow the terms of our pension plan that would not permit individual exceptions.”

But does the bank have the right to withhold her husband's pension? Here's what you need to know to avoid facing a similar battle.

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.

Retire richer: The secret to building wealth faster

Most people miss out on key opportunities to grow their wealth. Partnering with the right financial advisor can help you secure a brighter future. Learn how to make your money work harder for you today.

Discover the secret

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.

Meet your retirement goals effortlessly

The road to retirement may seem long, but with Advisor, you can find a trusted partner to guide you every step of the way

Advisor matches you with vetted financial advisors that offer personalized advice to help you to make the right choices, invest wisely, and secure the retirement you've always dreamed of. Start planning early, and get your retirement mapped out today.

Victoria Vesovski Staff Reporter

Victoria Vesovski is a Staff Reporter for Moneywise currently pursuing her Masters of Journalism at New York University.

Explore the latest articles

Expect to work past 65? Start planning now.

There’s no magic bullet solution if you’re short on retirement savings.

Clayton Jarvis Reporter

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.

This is an exclusive story from our newsletter — subscribe for more

‘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