FIRST ON 3: Local attorney looking for DAK employees jipped on retirement

WILMINGTON, NC (WWAY) — Wilmington attorney Mitch Baker is trying to track down all of the former DAK Americas employees who had errors in their retirement plans.

As we first reported earlier this month, DAK admitted it had had "system errors" which cut employees' retirement packages.  One laid off worker we talked with said he lost some $100,000.

When the DAK Americas Cape Fear Plant closed its doors in September, some employees chose to retire early.

According to Baker, the company worked on those retirement plans for a year.

"Each person could login and tell what they were going to get monthly, or lump sum; they made their decision based on that,” he said.

Those who opted to take the lump sum got a letter from Transamerica about two months after they received the checks.

DAK Americas told employees that if they had spent the money, they would have to return it.

"They paid off their house or bought annuities. If they had to pay it back they would have a lot of damages or some can't pay it back,” said Baker.

Baker said those people should not be responsible for paying that money back. 

He says the employee and DAK Americas signed an end of employment release which outlined the agreed amount of money that would be paid out.

“If there was a problem with their outside company, Transamerica who was a trustee, then their lawsuit with Transamerica, not our clients,” said Baker.

Baker will begin a campaign soon trying to find all of the workers involved.  He contends the employees that have a dispute have legal rights against the company.

Baker says former DAK workers should call (910) 777-5733 for more information.

Categories: New Hanover

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