JPMorgan Chase has refused to pay out an estimated $331-a-month pension to the widow of one of the bank’s former longtime employees, citing that he failed to fill out the necessary paperwork before his untimely death. Melvyn Silverberg, who worked as a systems analyst at Chase Manhattan Bank until 1979, passed away unexpectedly at age 43 in 1988. Chase Manhattan merged with JPMorgan in 2000.
Elaine Silverberg, 73, has been battling the banking giant for more than 13 years to secure her late husband’s pension after her own retirement. At the time of Mel’s death, Elaine was 37 and left to raise their three children alone. Despite the pension pot being valued at approximately $53,000 and having remained untouched for more than 35 years, JPMorgan Chase maintains that it cannot release the funds due to a lack of proper documentation.
Officials at the Social Security Administration estimate the untapped account to be worth $331 a month, according to a letter sent to Mel’s widow. “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,” Elaine Silverberg expressed.
The bank acknowledges that Mel Silverberg earned a vested retirement package before leaving. However, JPMorgan Chase insists that Mel failed to fill out a form electing his wife to benefit from his pension upon his death. The Retirement Equity Act of 1984 ensures spouses benefit automatically if their loved ones pass away, but since Mel left the bank before the law was enacted and did not complete the paperwork, the bank argues Elaine isn’t entitled to the pension.
While we sympathize with Mrs. Silverberg, she is asking us to pay without necessary documentation,” a JPMorgan spokesperson stated.
Widow battles for husband’s pension
We follow the terms of our pension plan that would not permit individual exceptions.
Correspondence reviewed shows that JPMorgan claims it contacted Mr. Silverberg three times about electing for spousal coverage, including on one occasion in 1990, two years after he died. The firm claims it was not informed of his passing at the time.
Elaine contests that she never received any of the three letters. Christopher Dagg, a senior staff attorney at the Mid-Atlantic Pension Counseling Project, argued that the bank’s position is “weak.” He noted that it is common for retirement plans to fail in proving they sent an essential document yet claim they followed protocols, leaving the burden on the participant or their survivors to prove otherwise years later. Elaine even sought assistance from New Jersey Sen.
Cory Booker and former New York Congressman Eliot Engel to advocate for her. Engel, who left office in 2021, emphasized in a letter that Mrs. Silverberg qualifies for her late spouse’s pension according to several bank employees.
Elazer Lew, one of Mel’s former coworkers, criticized JPMorgan Chase, asserting that Mel would be “rolling in his grave” if he knew how his widow was being treated. Despite retiring from her job as an administrator for the New York State Assembly in 2011, Elaine indicates she cannot afford the legal fees to challenge one of the powerful financial institutions in the world. “This is a lot of money to me.
For them, it’s just a joke,” she said. “I feel like Mel would be mortified by what they are doing to me.”
Elaine Silverberg continues to call on JPMorgan CEO Jamie Dimon to intervene and rectify the situation, seeking justice for her late husband’s hard-earned pension.
