Pension Holders Say They Willing to Sue, Protest
The disgruntled and frustrated former Choice Bank employees say that if Sagicor continues to give them the round-a-around they will resort to legal action.
Adrian Arana, Former Chief Compliance Officer, Choice Bank Ltd.
“In the process from the windup when we first contact them in 2017 we had legal counsel involved, but when the bank had lost its license. Up to that point we had the Choice Bank legal team involved but once the license was removed for Choice Bank, we would have to look at legal on our own. We just to want to emphasize with Sagicor that we are concerned and we will take whatever steps going forward if that is necessary, if that even means suing or protesting or whatever the case may be.”
Adrian Arana
Hipolito Novelo
“Talk to us about the pension plan itself. How many years or is it that when a person is employed by Choice Bank that they enter this pension plan?”
Brian Stypul, Former Chief Operating Officer, Choice Bank Ltd.
“Any new employee is eligible to start contributing to the pension plan after three months and all of us that were in the plan signed payroll deduct and up to five percent of your salary is deducted and put into the plan and then the bank had a matching contribution. The matching contribution on the bank’s behalf vest over time so bottom line all employees had their own money in this plan and then Sagicor was providing statements annually that showed a return of interest on everybody’s account. So at minimum, our own money is in that plan as well as all the bank funded money. Five percent of every pay check—if you elected up to five percent—went into the plan. I believe majority of people where putting in five percent.”
Brian Stypul
Hipolito Novelo
“So where do we go from here because I would imagine the frustration is building and the fear that you guys might not get the thousands of dollars that you have been saving up?”
Brian Stypul
“What we really have to have here is when are we going to see this money and when will Sagicor provide all the proper responses that the regulators are asking for and where is our money. Give us a timeframe, people are hurting; we were hoping way before Christmas that this money would be dispersed, but there is no assurances at this point. So Sagicor needs to get their act together. You think you are a professional company, but I don’t think that at all.”
We’ve contacted Sagicor Life Insurance for comment, but so far we have not received a response.
