Berkeley v. Intel Corporation
Berkeley
Court
District Court, N.D. California
Decided
June 27, 2025
Jurisdiction
FD
Importance
44%
Case Summary
1 2 3 4 UNITED STATES DISTRICT COURT 5 NORTHERN DISTRICT OF CALIFORNIA 6 SAN JOSE DIVISION 7 8 Case No. 5:23-cv-00343-EJD GREGG BERKELEY, 9 Plaintiff, ORDER GRANTING MOTION FOR CLASS CERTIFICATION 10 v. Re: Dkt. No. 76 11 12 INTEL CORPORATION, et al., 13 Defendants. 14 Plaintiff Gregg Berkeley (“Berkeley”) brings this class action against Defendants Intel 15 Corporation and the Administrative Committee of the Intel Minimum Pension Plan (collectively, 16 “Intel”) alleging violations of the Employee Retirement Income Security Act of 1974 (“ERISA”) 17 and breaches of Intel’s fiduciary duties. Compl., ECF No. 1. Before the Court is Berkeley’s 18 motion for class certification. Mot., ECF No. 76; Opp’n, ECF No. 80; Reply, ECF No. 83. The 19 Court held a hearing on May 1, 2025, and heard oral arguments from all parties. ECF No. 87. For 20 the reasons stated below, the Court GRANTS Berkeley’s motion. 21 I. BACKGROUND 22 Berkeley and a proposed class of approximately 1,847 Intel retirees or their surviving 23 spouses allege Intel violated ERISA by converting their single life annuity (“SLA”) to a joint and 24 survivor annuity (“JSA”) using unreasonable actuarial assumptions in the Intel Minimum Pension 25 Plan (“MPP”). Mot. 1. 26 The proposed class is defined as follows: 27 All Plan participants and beneficiaries who are receiving a joint and survivor annuity (or, for beneficiaries whose spouses died 1 before commencing benefits, a pre-retirement survivor annuity) which is less than the value of the single life annuity converted to 2 a joint and survivor annuity using the interest rates and mortality tables set forth in 26 U.S.C. § 417(e) with an annual stability and 3 August lookback period. 4 Id. at 10. 5 An SLA is an annuity payable monthly upon retirement for the duration of the participant’s 6 life. MPP § 5(d)(i), ECF No. 76-7. SLAs are the default benefit for unmarried participants. Id. 7 §§ 5(d)(ii)–(iii). A JSA is an annuity payable monthly where different portions of retirees’ 8 monthly payments continue to their surviving spouse or designated beneficiary after their death. 9 Id. Because a JSA provides a stream of payments over the course of two lives, the monthly 10 payment may be adjusted downward. Expert Report of Ian Altman (“Altman Report”) 7–8, ECF 11 No. 86-1. 12 Under ERISA, JSAs for married retirees must be “actuarily e
Case Details
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Status
Decided
Date Decided
June 27, 2025
Jurisdiction
FD
Court Type
federal
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Case Summary
Summary of the key points and legal principles
1
2
3
4 UNITED STATES DISTRICT COURT
5 NORTHERN DISTRICT OF CALIFORNIA
6 SAN JOSE DIVISION
7
8 Case No. 5:23-cv-00343-EJD
GREGG BERKELEY,
9 Plaintiff, ORDER GRANTING MOTION FOR
CLASS CERTIFICATION
10 v.
Re: Dkt. No. 76
11
12
INTEL CORPORATION, et al.,
13
Defendants.
14
Plaintiff Gregg Berkeley (“Berkeley”) brings this class action against Defendants Intel
15
Corporation and the Administrative Committee of the Intel Minimum Pension Plan (collectively,
16
“Intel”) alleging violations of the Employee Retirement Income Security Act of 1974 (“ERISA”)
17
and breaches of Intel’s fiduciary duties. Compl., ECF No. 1. Before the Court is Berkeley’s
18
motion for class certification. Mot., ECF No. 76; Opp’n, ECF No. 80; Reply, ECF No. 83. The
19
Court held a hearing on May 1, 2025, and heard oral arguments from all parties. ECF No. 87. For
20
the reasons stated below, the Court GRANTS Berkeley’s motion.
21
I. BACKGROUND
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Berkeley and a proposed class of approximately 1,847 Intel retirees or their surviving
23
spouses allege Intel violated ERISA by converting their single life annuity (“SLA”) to a joint and
24
survivor annuity (“JSA”) using unreasonable actuarial assumptions in the Intel Minimum Pension
25
Plan (“MPP”). Mot. 1.
26
The proposed class is defined as follows:
27
All Plan participants and beneficiaries who are receiving a joint
and survivor annuity (or, for beneficiaries whose spouses died
1 before commencing benefits, a pre-retirement survivor annuity)
which is less than the value of the single life annuity converted to
2 a joint and survivor annuity using the interest rates and mortality
tables set forth in 26 U.S.C. § 417(e) with an annual stability and
3 August lookback period.
4 Id. at 10.
5 An SLA is an annuity payable monthly upon retirement for the duration of the participant’s
6 life. MPP § 5(d)(i), ECF No. 76-7. SLAs are the default benefit for unmarried participants. Id.
7 §§ 5(d)(ii)–(iii). A JSA is an annuity payable monthly where different portions of retirees’
8 monthly payments continue to their surviving spouse or designated beneficiary after their death.
9 Id. Because a JSA provides a stream of payments over the course of two lives, the monthly
10 payment may be adjusted downward. Expert Report of Ian Altman (“Altman Report”) 7–8, ECF
11 No. 86-1.
12 Under ERISA, JSAs for married retirees must be “actuarily e
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Case Details
Legal case information
Status
Decided
Date Decided
June 27, 2025
Jurisdiction
FD
Court Type
federal
Legal Significance
Case importance metrics
Metadata
Additional information
Quick Actions
Case management tools