Adams v. Brink's Co. (372 F. Supp. 2d 854, 2005)

FINDINGS OF FACT AND CONCLUSIONS OF LAW

SARGENT, United States Magistrate Judge.

This case involves the claims of 123 plaintiffs against their current or former employer, Paramont Coal Corporation, (“Paramont”), its current parent company, the Brink’s Company, (“Brink’s”),- the Brink’s Company Pension-Retirement Plan, (“the Brink’s Plan”), and the- Administrative Committee for Brink’s Company Pension-Retirement Plan, (“the Administrative Committee”). The plaintiffs seek declaratory and equitable relief as well as damages under various claims related to the administration , of the Brink’s Plan. Jurisdiction over this matter is based upon federal question jurisdiction, see 28 U.S.C. § 1331, under the Employee Retirement Income Security Act of 1974, (“ERISA”), 29 U.S.C. § 1001 et seq. The case is before the undersigned magistrate judge by consent of the parties pursuant to 28 U.S.C. § 636(c)(1).

Plaintiffs originally filed their Complaint in the United States District Court for the Eastern District of Tennessee on December 19, 2001. The Complaint sought recovery based on claims alleging breach of contract, estoppel, the creation of an informal plan, the reduction of accrued benefits and breach of fiduciary duty. In response, the defendants filed a motion to dismiss for failure to exhaust administrative remedies and a motion to dismiss based upon improper venue, or, in the alternative, to transfer venue to the Western District of Virginia. The court denied both motions to dismiss, but granted the defendants’ motion to transfer.

Defendants filed their Answer to the Complaint in the Western District of Virginia on April 4, 2002. (Docket Item No. 23.) On September 6, 2002, the defendants filed a Motion' For Summary Judgment seeking dismissal as a matter of law of all plaintiffs’ claims. (Docket Item No. 36.) By Memorandum Opinion and Order entered November 18, 2003, the court granted in part and denied in part the defendants’ Motion For Summary Judgment. (Docket Item No. 85.) As a result, the court granted summary judgment in favor of the defendants on the plaintiffs’ claims alleging breach of- contract, estop-pel, the creation of an informal plan and the reduction of accrued benefits. The court denied the defendants’ Motion For Summary Judgment on the plaintiffs’ claims alleging breach of fiduciary duty.

By agreed order entered August 20, 2004, the parties consented to the transfer of this case to the undersigned magistrate judge. (Docket Item No. 108.) By agreed order entered October 7, 2004, the parties agreed to sever the claims of five of the 123 plaintiffs to be tried to the court first. (Docket Item No. 112.) The remaining breach of fiduciary claims - of those five plaintiffs, Christopher Brooks Addington, Jack Blanton, Alton Lawson Jr., Ricky D. Meade and Donald Ratliff, were tried to the court February 22 to March 1, 2005. Based on the evidence presented, the court now issues its formal findings of fact and conclusions of law.

I. SUMMARY OF EVIDENCE

At trial, the parties submitted a number of stipulated facts to the court. The parties stipulate that The Pittston Company, (“Pittston”), changed its name to The Brink’s Company, and the Pension-Retirement Plan of The Pittston Company and its Subsidiaries changed its name to The Brink’s Company Pension-Retirement Plan in 2003. The parties agree, therefore, that any inferences to “Pittston” and “Brink’s” would be interchangeable and would refer to The Brink’s Company. The parties further agree that any references to the “Brink’s Plan” or the “Pittston Plan” would be interchangeable and would refer to the Brink’s Company Pension-Retirement Plan.

The parties agree that Pyxis Resources, (“Pyxis”), then a subsidiary of Pittston, acquired Paramont on July 7, 1986, and that Pyxis was a Participating Company in the Pittston Plan since before January 1, 1988. The parties further agree that, at the time of its acquisition by Pyxis, Para-mont’s employees all were participants in one of two identical defined-benefit pension plans, the Salaried Employees’ Pension Plan of Paramont Coal Corporation or the Hourly Employees’ Pension Plan of Paramont Coal Corporation, (Exhibits 105 and 106 respectively) (collectively, “the Paramont Plans”). The Paramont Plans did not require any employee contributions and provided a maximum monthly retirement benefit of $350 for 20 years of service with Paramont. Under the Paramont Plans, all Paramont employees, regardless of their salary, earned the same retirement benefit for the same years of service.

The parties have stipulated that Exhibits 496 to 505 contain complete and authentic copies of the Pittston Plan in effect as of the dates indicated. The Pittston Plan also is a defined-benefit plan. Under the Pittston Plan, a Participant’s retirement benefits are calculated based on multiplying a percentage of an Average Salary by the number of years of “Benefit Accrual Service.” Section 4.04 of the December 11, 1987, and the January 1, 1989, Plans, (Exhibits 499 and 500, respectively), states: “Service Prior to Participation. The Board [of Directors] shall determine to what extent Benefit Accrual Service shall be credited to any Participant for service for any Subsidiary or Division pri- or to the date such Subsidiary or Division became a Company.”

On September 9, 1988, Pittston’s Board of Directors amended the 1987 Plan to allow the Administrative Committee to adopt amendments to the Plan. On November 18, 1988, the Administrative Committee amended the 1987 Plan to add Exhibit G. Exhibit G merged the Paramont Plans into the Pittston Plan effective January 1, 1989. Exhibit G is entitled “Special Provisions Applicable to Former Participants in the Pension Plans of Paramont Coal Corporation.” The initial paragraph of Exhibit G states: “In connection with such mergers, the provisions of this Exhibit G shall apply, effective January 1, 1989, notwithstanding any provisions elsewhere in the Plan to the contrary.” Exhibit G further states in part:

(ii) The accrued pension benefit of each Paramont Participant under the Plan in respect of periods of service prior to January 1, 1989 shall be determined solely in accordance with the provisions of the Paramont Plan in which he was a Participant, as in effect immediately prior to January 1, 1989, based solely oh his “Benefit Service” (as defined in such Paramont Plan) on December 31,1988 or any earlier date on which the Paramont Participant ceases to be an employee of Paramont Coal Corporation. ...

(iii) The accrued pension benefit of each Paramont Participant in respect of periods of service as an employee of Paramont from and after January 1, 1989 ... shall be determined solely in accordance with the provisions of the Plan....

This court previously found that the language of Exhibit G is clear and unambiguous and does not provide for the inclusion of plaintiffs’ years of service with Para-mont prior to January 1,1989, in the calculation of their retirement benefits under the Pittston Plan. See Adams v. The Pittston Company, Civ. No. 2:02cv00044, Docket Item No. 80 (W.D.Va. July 28, 2003) (Report and Recommendation), Docket Item No. 85 (W.D.Va. Nov. 18, 2003) (Order adopting Report and Recommendation) and Docket Item No. 130 (W.D.Va. Jan. 18, 2005) (Memorandum Opinion on Plaintiffs’ Motion for Reconsideration).

The parties agree that, as of December 11, 1987, the Pittston Plan provided a single life annuity normal retirement pension benefit equal to the sum of 2.1 percent of the employee’s Average Salary multiplied by his number of years of Benefit Accrual Service not to exceed 25 plus 1 percent of his Average Salary multiplied by his number of years of Benefit Accrual Service in excess of 25 less 1.25 percent of his Social Security Benefit multiplied by his number of years of Benefit Accrual Service not to exceed 40, (“Pittston Plan Old Formula”). In other words, a single life annuity at normal retirement under the Pittston Plan Old Formula = (,021)(FAE)(BAS up to 25) + (,01)(FAE)(BAS over 25)— (.0125)(SS)(BAS up to 40) where FAE = Average Salary, BAS = Benefit Accrual Service and SS = Social Security Benefits.

The parties also agree that, as of March 7, 1990, the Pittston Plan provided a single life annuity normal retirement pension benefit equal to the sum of 2.1 percent of the employee’s Average Salary multiplied by his number of years of Benefit Accrual Service not to exceed 25 plus 1 percent of his Average Salary multiplied by his number of years of Benefit Accrual Service in excess of 25 less .55 percent of his Covered Compensation Base (up to his Final Covered Compensation) multiplied by the number of years of Benefit Accrual Service (including fractions thereof) not to exceed 35, (“Pittston Plan New Formula”). In other words, a single life annuity at normal retirement under the Pittston Plan New Formula = (.021)'(FAE)(BAS up to 25) + (,01)(FAE)(BAS over 25) — (.0055)(CCB up to FCC)(BAS up to 35) where FAE = Average Salary, BAS = Benefit Accrual Service, CCB = Covered Compensation Base and FCC = Final Covered Compensation.

Through 1998, the Pittston Plan provided Annual Benefit Statements to each of the Pittston Plan Participants. These Annual Benefit Statements included an estimate of a participant’s future Pittston Plan retirement benefit assuming the participant continued to work at a Pittston Plan Participating Company until his Normal Retirement Date (age 65) and elected a single life annuity benefit at that time. Annual Benefit Statements estimated benefits as of January 1 of the year stated on the benefit statement. Annual Benefit Statements also included an estimate of the participant’s accrued benefit as of January 1 of the year stated on the benefit statement. This accrued benefit is the benefit that a participant would receive at age 65 if the participant did not earn any additional Benefit Accrual Service after the year reflected in the Annual Benefit Statement.

The parties agree that Paramont hired Christopher Brooks Addington, (“Adding-ton”), on April 1, 1976, and that he was an employee of Paramont on July 7, 1986, the date it was acquired by Pyxis. As of January 1, 1989, Addington was entitled to receive monthly retirement benefits of $223.13 under the Paramont Plans. Ad-dington retired from Pyxis on December 30, 1994. Addington’s Normal Retirement Date was November 1, 1997. There are 8.8333 years of Benefit Accrual Service between January 1,1989, and November 1, 1997. There are six years of Benefit Accrual Service from January 1, 1989, to December 30, 1994. From April 1, 1976, to December 30, 1994, there are 19 years of service.

In 1991, Addington’s estimated Average Salary was $64,260.50, and his estimated Covered Compensation Base was $28,200. Using Addington’s 1991 estimated Average Salary of $64,260.50, his estimated Covered Compensation Base of $28,200 and 8.8333 years of Benefit Accrual Service, the Pittston Plan New Formula produces a result of $879.18 per month. Addington’s 1991 Annual Benefit Statement estimated his future monthly retirement benefits as $1,102. The benefit estimate printed on Addington’s 1991 Annual Benefit Statement was calculated by counting years of service from January 1, 1989, although this date was not printed on the Annual Benefit Statement. Addington’s 1991 Annual Benefit Statement estimated that Adding-ton’s accrued monthly benefits as of January 1,1991, was $422.

In 1992, Addington’s estimated Average Salary was $67,210, and his estimated Covered Compensation Base was $28,200. Using Addington’s 1992 estimated Average Salary of $67,210, his estimated Covered Compensation Base of $28,200 and 8.8333 years of Benefit Accrual Service, the Pitt-ston Plan New Formula produces a result of $924.78 per month. Addington’s 1992 Annual Benefit Statement estimated his future monthly retirement benefits as $223 from the Paramont Plans and $924 from the Pittston Plan. The benefit estimate printed on Addington’s 1992 Annual Benefit Statement was calculated by counting years of service from January 1, 1989, although this date was not printed on the Annual Benefit Statement. Addington’s 1992 Annual Benefit Statement estimated that Addington’s accrued monthly benefits as of January 1,1992, was $527.

In 1993, Addington’s estimated Average Salary was $70,564, and his estimated Covered Compensation Base was $28,200. Using Addington’s 1993 estimated Average Salary of $70,564, his estimated Covered Compensation Base of $28,200 and 8.8333 years of Benefit Accrual Service, the Pitt-ston Plan New Formula produces a result of $976.63 per month. Addington’s 1993 Annual Benefit Statement estimated his future monthly retirement benefits as $223 from the Paramont Plans and $976 from the Pittston Plan. The benefit estimate printed on Addington’s 1993 Annual Benefit Statement was calculated by counting years of service from January 1, 1989, although this date was not printed on the Annual Benefit statement. Addington’s 1993 Annual Benefit Statement estimated that Addington’s accrued monthly benefits as of January 1,1993, was $653.

In 1994, Addington’s estimated Average Salary was $73,740, and his estimated Covered Compensation Base was $29,088. Using Addington’s 1994 estimated Average Salary of $73,740, his estimated Covered Compensation Base of $29,088 and 8.8333 years of Benefits Accrual Service, the Pitt-ston Plan New Formula produces a result of $1,022.13 per month. Addington’s 1994 Annual Benefit Statement estimated his future monthly retirement benefits as $223 from the Paramont Plans and $1,022 from the Pittston Plan. The benefit estimate printed on Addington’s 1994 Annual Benefit Statement was calculated by counting years of service from January 1, 1989, although this date was not printed on the Annual Benefit Statement. Addington’s 1994 Annual Benefit Statement estimated that Addington’s accrued monthly benefits as of January 1,1994, was $788.

Addington’s 1994 Annual Benefit Statement also estimated that if Addington retired early on November 1, 1994, his early retirement benefit would be $766 per month. If Addington retired on November 1, 1994, and using an Average Salary of $74,054.12, a Covered Compensation Base of $29,088 and 5.8333 years of Benefit Accrual Service, Addington’s pension benefit, including both his Pittston Plan New Formal benefit and his Paramont Plans benefit would be $766.13.

In 1995, Addington’s estimated Average Salary was $74,486, and his estimated Covered Compensation Base was $29,148. Using Addington’s 1995 estimated Average Salary of $74,486, his estimated Covered Compensation Base of $29,148 and 8.8333 years of Benefit Accrual Service, the Pitt-ston Plan New Formula produces a result of' $1,033.42 per month. Addington’s 1995 Annual Benefit Statement estimated his future monthly retirement benefits as $223 from the Paramont Plans and $1,033 from the Pittston Plan. The benefit estimate printed on Addington’s 1995 Annual Benefit Statement was calculated by counting years of service from January 1, 1989, although this date was not printed on the Annual Benefit Statement. Addington’s 1995 Annual Benefit Statement estimated that Addington’s accrued monthly benefits as of January 1,1995, was $925.

Using Addington’s actual Average Salary of $75,935.28, Benefit Accrual Service of six years and his Covered Compensation Base of $29,088, the Pittston Plan New Formula produces a result of $717.33. Adding Addington’s Paramont Plans benefit of $223.13 and reducing his benefit by an early retirement reduction factor of .858 produces a result of $806.91 per month. Using Addington’s actual Average Salary of $75,935.28, Benefit Accrual Service of 19 years and his Covered Compensation Base of $29,088, the Pittston Plan New Formula produces a result of $2,271.54. Adding Addington’s Paramont Plans benefit of $223.13 and reducing his benefit by an early retirement reduction factor of .858 produces a result of $2,140.43 per month.

The parties agree that Paramont hired Jack Blanton, (“Blanton”), on July 8, 1974, and that he was an employee of Paramont on July 7, 1986, the date it was acquired by Pyxis. Blanton terminated employment with Paramont on December 13, 2002. As of January 1, 1989, Blanton was entitled to receive a monthly retirement benefit of $153.79 under the Paramont Plans. Blanton’s Normal Retirement Date was June 1, 2018. There are 29.4166 years of Benefit Accrual Service between January 1, 1989, and June 1, 2018. There are 14 years of Benefit Accrual Service from January 1, 1989, to December 13, 2002. From July 8, 1974, to December 13, 2002, there are 28.621 years of service.

In 1992, Blanton’s estimated Average Salary was $45,888.66, and his estimated Covered Compensation Base was $45,888. Using Blanton’s 1992 estimated Average Salary of $45,888.66, his estimated Covered' Compensation Base of $45,888 and 29.4166 years of Benefit Accrual. Service, the Pittston Plan New Formula produces a result of $1,557.82 per month. Blanton’s 1992 Annual Benefit Statement estimated his future monthly retirement benefits as $153 from the Paramont Plans and $1,557 from the Pittston Plan. The benefit estimate printed on Blanton’s 1992 Annual Benefit Statement was calculated by counting years of service from January 1, 1989, although this date was not printed on the Annual Benefit Statement. Blanton’s 1992 Annual Benefit Statement estimated that Addington’s accrued monthly benefits as of January 1,1992, was $381.

In 1993, Blanton’s estimated Average Salary was $46,346, and his estimated Covered Compensation Base was $46,346. Using Blanton’s 1993 estimated Average Salary of $46,346, his estimated Covered Compensation Base of $46,346 and 29.4166 years of Benefit Accrual Service, the Pitt-ston Plan New Formula produces a result of $1,573.35 per month. Blanton’s 1993 Annual Benefit Statement estimated his future monthly retirement benefits as $153 from the Paramont Plans and $1,573 from the Pittston Plan. The benefit estimate printed on Blanton’s 1993 Annual Benefit Statement was calculated by counting years of service from January 1, 1989, although this date was not printed on the Annual Benefit Statement. Blanton’s 1993 Annual Benefit Statement estimated that Blanton’s accrued monthly benefits as of January 1,1993, was $393.

In 1994, Blanton’s estimated Average Salary was $45,144, and his estimated Covered Compensation Base was $45,144. Using Blanton’s 1994 estimated Average Salary of $45,144, his estimated Covered Compensation Base of $45,144 and 29.4166 years of Benefit Accrual Service, the Pitt-ston Plan New Formula produces a result of $1,532.54 per month. Blanton’s 1994 Annual Benefit Statement estimated his future monthly retirement benefits as $153 from the Paramont Plans and $1,532 from the Pittston Plan. The benefit estimate printed on Blanton’s 1994 Annual Benefit Statement was calculated by counting years of service from January 1, 1989, although this date was not printed on the Annual Benefit Statement. Blanton’s 1994 Annual Benefit Statement estimated that Blanton’s accrued monthly benefits as of January 1,1994, was $445.

In 1995, Blanton’s estimated Average Salary was $44,980.66, and his estimated Covered Compensation Base was $44,980.66. Using Blanton’s 1995 estimated Average Salary of $44,980.66, his estimated Covered Compensation Base of $44,980.66 and 29.4166 years of Benefit Accrual Service, the Pittston Plan New Formula produces a result of $1,526.99 per month. Blanton’s 1995 Annual Benefit Statement estimated his future monthly retirement benefits as $153 from the Para-mont Plans and $1,526 from the Pittston Plan. The benefit estimate printed on Blanton’s 1995 Annual Benefit Statement was calculated by counting years of service from January 1, 1989, although this date was not printed on the Annual Benefit Statement. Blanton’s 1995 Annual Benefit Statement estimated that Blanton’s accrued monthly benefits as of January 1, 1995, was $502.

In 1996, Blanton’s estimated Average Salary was $44,166.33, and his estimated Covered Compensation Base was $44,166.33. Using Blanton’s 1996 estimated Average Salary of $44,166.33, his estimated Covered Compensation Base of $44,166.33 and 29.4166 years of Benefit Accrual Service, the Pittston Plan New Formula produces a result of $1,499.35 per month. Blanton’s 1996 Annual Benefit Statement estimated his future monthly retirement benefits as $153 from the Para-mont Plans and $1,499 from the Pittston Plan. The benefit estimate printed on Blanton’s 1996 Annual Benefit Statement was calculated by counting years of service from January 1, 1989, although this date was not printed on the Annual Benefit Statement. Blanton’s 1996 Annual Benefit Statement estimated that Blanton’s accrued monthly benefits as of January 1, 1996, was $553.

In 1997, Blanton’s estimated Average Salary was $45,176.33, and his estimated Covered Compensation Base was $45,176.33. Using Blanton’s 1997 estimated Average Salary of $45,176.33, his estimated Covered Compensation Base of $45,176.33 and 29.4166 years- of Benefit Accrual Service, the Pittston Plan New Formula produces a result of $1,533.64 per month. Blanton’s 1997 Annual Benefit Statement estimated his future monthly retirement benefits as $153 from the Para-mont Plans and $1,533 from the Pittston Plan. The benefit estimate printed on Blanton’s 1997 Annual Benefit Statement was calculated by counting years of service from January 1, 1989, although this date was not printed on the Annual Benefit Statement. Blanton’s 1997 Annual Benefit Statement estimated that Blanton’s accrued monthly benefits as of January 1, 1997, was $620.

In 1998, Blanton’s estimated Average Salary was $47,283.33, and his estimated Covered Compensation Base was $47,283.33. Using Blanton’s 1998 estimated Average Salary of $47,283.33, his estimated Covered Compensation Base of $47,283.33 and 29.4166 years of Benefit Accrual Service, the Pittston Plan New Formula produces a result of $1,605.17 per month. Blanton’s 1998 Annual Benefit Statement estimated his future monthly retirement benefits as $153 from the Para-mont Plans and $1,605 from the Pittston Plan. The benefit estimate printed on Blanton’s 1998 Annual Benefit Statement was calculated by counting years of service from January 1, 1989, although this date was not printed on the Annual Benefit Statement. Blanton’s 1998 Annual Benefit Statement estimated that Blanton’s accrued monthly benefits as of January 1, 1998, was $703.

Using Blanton’s December 31, 2000, estimated Average Salary of $47,137.41, his estimated Covered Compensation Base of $45,358.33 and 12 years of Benefit Accrual Service (years between January 1, 1989, and December 31, 2000), the Pittston Plan New Formula produces a result of $740.41. Blanton received a pension estimate on or about November 30, 2000, that provided that his accrued benefit as of December 31, 2000, would be $153.79 under the Para-mont Plans and $740.42 under the Pittston Plan, for a total monthly benefit of $894.21.

Using Blanton’s actual Average Salary of $47,137.41, Benefit Accrual Service of 14 years and his Final Covered Compensation Base of $41,816.04, the Pittston Plan New Formula produces a result of $886.55. Adding Blanton’s Paramont Plans benefit of $153.79 and, assuming he retires on his Normal Retirement Date and elects a single life annuity, produces a result of $1,040.34 per month. Using Blanton’s actual Average Salary of $47,137.41, Benefit Accrual Service of 28.621 years and his Covered Compensation Base of $41,816.04, the Pittston Plan New Formula produces a result of $1,655.96. Adding Blanton’s Par-amont Plans benefit of $153.79 and, assuming he retires on his Normal Retirement Date and elects a single life annuity, produces a result of $1,809.75 per month.

The parties agree that Paramont hired Alton Lawson Jr., (“Lawson”), on February 2, 1976, and that he was an employee of Paramont on July 7, 1986, the date it was acquired by Pyxis. On January 1, 1988, Lawson transferred to Pyxis. Pyxis laid off Lawson effective February 15, 1988. As of January 1, 1988, Lawson was entitled to receive a monthly retirement benefit of $170 under the Paramont Plans. Lawson worked for non-Pittston companies and did not participate in the Pittston Plan between his layoff on February 15, 1988, and September 10, 1990. On September 10, 1990, Holston Mining, Inc., a participating Company in the Pittston Plan, hired Lawson. Lawson worked for participating Companies in the Pittston Plan from September 10, 1990, until December 13, 2002. Lawson’s Normal Retirement Date is August 1, 2010. There are 20 years of Benefit Accrual Service between September 10, 1990, and August 1, 2010. There are 22.5833 years of Benefit Accrual Service from January 1, 1988, to August 1, 2010. Lawson retired on January 1, 2003. From September 10, 1990, to December 13, 2002, there are 12.373 years of service. From February 2, 1976, to February 15, 1988, and from September 10, 1990, to December 13, 2002, there are 24.373 years of service. Lawson received Annual Benefit Statements in 1993, 1994,1995,1996,1997 and 1998.

In 1988, Lawson’s estimated Average Salary was $43,680 and his estimated Social Security Benefit was $11,508. Using Lawson’s 1988 estimated Average Salary of $43,680, his estimated Social Security Benefit of $11,508 and 22.5833 years of Benefit Accrual Service, the Pittston Plan Old Formula produces a result of $1,455.55 per month. Lawson’s 1988 Annual Benefit Statement estimated his future monthly retirement benefits as $1,455. The benefit estimate printed on Lawson’s 1988 Annual Benefit Statement was calculated by counting years of service from January 1, 1988, although this date was not printed on the Annual Benefit Statement. Lawson’s 1988 Annual Benefit Statement estimated that Lawson’s accrued monthly benefits as of January 1,1988, was $0.

In 1992, Lawson’s estimated Average Salary was $33,516, and his estimated Covered Compensation Base was $33,516. Using Lawson’s 1992 estimated Average Salary of $33,516, his estimated Covered Compensation Base of $33,516 and 20 years of Benefit Accrual Service, the Pitt-ston Plan New Formula produces a result of $865.83 per month. Lawson’s 1992 Annual Benefit Statement estimated his future monthly retirement benefits as $1,168 from the Pittston Plan. The benefit' estimate printed on Lawson’s 1992 Annual Benefit Statement was calculated by counting years of service from September 11, 1978, although this date was not printed on the Annual Benefit Statement. Lawson’s 1992 Annual Benefit Statement estimated that Lawson’s accrued monthly benefits as of January 1, 1992, was $573.

In 1993, Lawson’s estimated Average Salary was $37,400, and his estimated Covered Compensation Base was $37,400. Using Lawson’s 1993 estimated Average Salary of $37,400, his estimated Covered Compensation Base of $37,400 and 20 years of Benefit Accrual Service, the Pitt-ston Plan New Formula produces a result of $966.17 per month. Lawson’s 1993 Annual Benefit Statement estimated his future monthly retirement benefits as $ 1,303 from the Pittston Plan. The benefit estimate printed on Lawson’s 1993 Annual Benefit Statement was calculated by counting years of service from September 11, 1978, although this date was not printed on the Annual Benefit Statement. Lawson’s 1993 Annual Benefit Statement estimated that Lawson’s accrued monthly benefits as of January 1, 1993, was $496.

In 1994, Lawson’s estimated Average Salary was $44,900 and his estimated Covered Compensation Base was $44,900. Using Lawson’s 1994 estimated Average Salary of $44,900, his estimated Covered Compensation Base of $44,900 and 20 years of Benefit Accrual Service, the Pitt-ston Plan New Formula produces a result of $1,159.92 per month. Lawson’s 1994 ■Annual Benefit Statement estimated his future monthly retirement benefits as $1,564 from the Pittston Plan. The benefit estimate printed on Lawson’s 1994 Annual Benefit Statement was calculated by counting years of service from September 11, 1978, although this date was not printed on the Annual Benefit Statement. Lawson’s 1994 Annual Benefit Statement estimated that Lawson’s accrued monthly benefits as of January 1, 1994, was $872.

In 1995, Lawson’s estimated Average Salary was $54,042.66, and his estimated Covered Compensation Base was $50,160. Using Lawson’s 1995 estimated Average Salary of $54,042.66, his estimated Covered Compensation Base of $50,160 and 20 years of Benefit Accrual Service, the Pitt-ston Plan New Formula produces a result of $1,431.69 per month. Lawson’s 1995 Annual Benefit Statement estimated his future monthly retirement benefits as $1,940 from the Pittston Plan. The benefit estimate printed on Lawson’s 1995 Annual Benefit Statement was calculated by counting years of service from September 11, 1978, although this date was not printed on the Annual Benefit Statement. Lawson’s 1995 Annual Benefit Statement estimated that Lawson’s accrued monthly benefits as of January 1, 1995, was $1,163.

In 1996, Lawson’s estimated Average Salary was $57,091.66, and his estimated Covered Compensation Base was $54,588. Using Lawson’s 1996 estimated Average Salary of $57,091.66, his estimated Covered Compensation Base of $54,588 and 20 years of Benefit Accrual Service, the Pitt-ston Plan New Formula produces a result of $1,497.82 per month. Lawson’s 1996 Annual Benefit Statement estimated his future monthly retirement benefits as $2,026 from the Pittston Plan. The benefit estimate printed on Lawson’s 1996 Annual Benefit Statement was calculated by counting years of service from September 11, 1978, although this date was not printed on the Annual Benefit Statement. Lawson’s 1996 Annual Benefit Statement estimated that Lawson’s accrued monthly benefits as of January 1, 1996, was $1,291.

In 1997, Lawson’s estimated Average Salary was $55,040.33, and his estimated Covered Compensation Base was $52,008. Using Lawson’s 1997 estimated Average Salary of $55,040.33, his estimated Covered Compensation Base of $52,008 and 20 years of Benefit Accrual Service, the Pitt-ston Plan New Formula produces a result of $1,449.67 per month. Lawson’s 1997 Annual Benefit Statement estimated his future monthly retirement benefits as $1,962 from the Pittston Plan. The benefit estimate printed on Lawson’s 1997 Annual Benefit Statement was calculated by counting years of service from September 11, 1978, although this date was not printed on the Annual Benefit Statement. Lawson’s 1997 Annual Benefit Statement estimated that Lawson’s accrued monthly benefits as of January 1, 1997, was $1,322.

In 1998, Lawson’s estimated Average Salary was $56,996, and his estimated Covered Compensation Base was $53,208. Using Lawson’s 1998 estimated Average Salary of $56,996, his estimated Covered Compensation Base of $53,208 and 20 years of Benefit Accrual Service, the Pitt-ston Plan New Formula produces a result of $1,507.12 per month. Lawson’s 1998 Annual Benefit Statement estimated his future monthly retirement benefits as $2,041 from the Pittston Plan. The benefit estimate printed on Lawson’s 1998 Annual Benefit Statement was calculated by counting years of service from September 11, 1978, although this date was not printed on the Annual Benefit Statement. Lawson’s 1998 Annual Benefit Statement estimated that Lawson’s accrued monthly benefits-as of January 1, 1998, was $1,450.

Using Lawson’s January 2000 estimated Average Salary of $56,995.92, his estimated Covered Compensation Base of $42,801 and 10, years of Benefit Accrual Service (accrued between September 10, 1990, and July 31, 2000), the Pittston Plan New Formula produces a result of $801.26. Lawson received a pension estimate on or about January 10, 2000, that provided that his accrued benefit under the Pittson Plan was $971.26, which included $170 in benefits under the Paramont Plans.

Using Lawson’s actual Average Salary of $56,995.93, Benefit Accrual Service of 12.373 and his Final Covered Compensation Base of $44,418.81, the Pittston Plan New Formula produces a result of $982.22. Adding Lawson’s Paramont Plans benefit of $170 and reducing his benefit by an early retirement reduction factor of .621 produces a result of $779.96 per month. Using Lawson’s actual Average Salary of $56,995.93, Benefit Accrual Service of 24.373 years and his Final Covered Compensation Base of $44,418.81, the Pittston Plan New Formula produces a result of $1,934.83. Adding Lawson’s Paramont Plans benefit of $170 and reducing his benefit by an early retirement reduction factor of .621 produces a result of $1,371.53 per month.

The parties agree that Paramont hired Ricky D. Meade, (“Meade”), on July 12, 1977. Paramont placed Meade on temporary and then permanent layoff status on July 12, 1985. Meade was not an employee of Paramont on July 7, 1986, the date it was acquired by Pyxis. As of January 1, 1989, Meade was entitled to receive a monthly retirement benefit of $78.48 under the Paramont Plans. On February 19, 1990, Meade became a Pyxis employee. On September 29,1990, Meade transferred to The Pittston Company. On May 11, 1992, Meade transferred to Pyxis. On January 1, 1995, Meade transferred to Maxim Management Company. On April 1, 1995, Meade transferred to Pittston Coal Management Company. On September 3, 1996, Meade transferred to Pittston Coal Sales Corporation. On January 1, 1998, Meade transferred to Pittston Coal Management Company. On October 24, 1998, Meade transferred to Pittston Coal Sales Corporation. On January 11, 2001, Meade terminated his employment-with all Pittston Plan Participating Companies. Meade became a Pittston Plan Participant on February 19, 1990. Meade’s Normal Retirement Date is August 1, 2023. There are 33.4166 years of Benefit Accrual Service between February 19, 1990, and August 1, 2023. From February 19, 1990, to January 11, 2001, there are 11 years of service. From July 12, 1977, to July 12, 1985, and from February 19,. 1990, to January 12, 2001, there are 19 years of service. Meade received Annual Benefit Statements in 1991, 1992, 1993, 1995, 1996, 1997 and 1998.

In 1991, Meade’s estimated Average Salary was $25,000, and his estimated Covered Compensation Base was $25,000. Using Meade’s estimated Average Salary of $25,000, his estimated Covered Compensation Base of $25,000 and 33.4166 years of Benefit Accrual Service, the Pittston Plan New Formula produces a result of $886.20 per month. Meade’s 1991 Annual Benefit Statement estimated his future monthly retirement benefits as $1,041. The benefit estimate printed on Meade’s 1991 Annual Benefit Statement was calculated by counting years of service from October 28, 1981, although this date was not printed on the Annual Benefit Statement. Meade’s 1991 Annual Benefit Statement estimated that Lawson’s accrued monthly benefits as of January 1,1991, was $296.

In 1992, Meade’s estimated Average Salary was $26,750, and his estimated Covered Compensation Base was $26,750. Using Meade’s 1992 estimated Average Salary of $26,750, his estimated Covered Compensation Base of $26,750 and 33.4166 years of Benefit Accrual Service, the Pitt-ston Plan New Formula produces a result of $948.23 per month. Meade’s 1992 Annual Benefit Statement estimated his future monthly retirement benefits as $1,114 from the Pittston Plan. The benefit estimate printed on Meade’s 1992 Annual Benefit Statement was calculated by counting years of service from October 28, 1981, although this date was not printed on the Annual Benefit Statement. Meade’s 1992 Annual Benefit Statement estimated that Meade’s accrued monthly benefits as of January 1, 1992, was $326.

In 1993, Meade’s estimated Average Salary was $31,500, and his estimated Covered Compensation Base was $31,500. Using Meade’s 1993 estimated Average Salary of $31,500, his estimated Covered Compensation Base of $31,500 and 33.4166 years of Benefit Accrual Service, the Pitt-ston Plan New Formula produces a result of $1,116.60 per month. Meade’s 1993 Annual Benefit Statement estimated his future monthly retirement benefits as $1,116 from the Pittston Plan. The benefit estimate printed on Meade’s 1993 Annual Benefit Statement was calculated by counting years of service from February 19, 1990, although this date was not printed on the Annual Benefit Statement. Meade’s 1993 Annual Benefit Statement estimated that Meade’s accrued monthly benefits as of January 1, 1993, was $96.

In 1995, Meade’s estimated Average Salary was $40,400, and his estimated Covered Compensation Base was $40,400. Using Meade’s 1995 estimated Average Salary of $40,400, his estimated Covered Compensation Base of $40,400 and 33.4166 years of Benefit Accrual Service, the Pitt-ston Plan New Formula produces a result of $1,432.09 per month. Meade’s 1995 Annual Benefit Statement estimated his future monthly retirement benefits as $1,432 from the Pittston Plan. The benefit estimate printed on Meade’s 1995 Annual Benefit Statement was calculated by counting years of service from February 19, 1990, although this date was not printed on the Annual Benefit statement. Meade’s 1995 Annual Benefit Statement estimated that Meade’s accrued monthly benefits as of January 1, 1995, was $207.

In 1996, Meade’s estimated Average Salary was $48,000, and his estimated Covered Compensation Base was $48,000. Using Meade’s 1996 estimated Average Salary of $48,000, his estimated Covered Compensation Base of $48,000 and 33.4166 years of Benefit Accrual Service, the Pitt-ston Plan New Formula produces a result of $1,701.50 per month. Meade’s 1996 Annual Benefit Statement estimated his future monthly retirement benefits as $2,000 from the Pittston Plan. The benefit estimate printed on Meade’s 1996 Annual Benefit Statement was calculated by counting years of service from October 28, 1981, although this date was not printed on the Annual Benefit Statement. Meade’s 1996 Annual Benefit Statement estimated that Meade’s accrued monthly benefits as of January 1, 1996, was $676.

In 1997, Meade’s estimated Average Salary was $52,400, and his estimated Covered Compensation Base was $52,400. Using Meade’s 1997 estimated Average Salary of $52,400, his estimated Covered Compensation Base of $52,400 and 33.4166 years of Benefits Accrual Service, the Pitt-ston Plan New Formula produces a result of $1,857.47 per month. Meade’s 1997 Annual Benefit Statement estimated his future monthly retirement benefits as $2,183 from the Pittston Plan. The benefit estimate printed on Meade ‘s 1997 Annual Benefit Statement was calculated by counting years of service from October 28, 1981, although this date was not printed on the Annual Benefit Statement. Meade’s 1997 Annual Benefit Statement estimated that Meade’s accrued monthly benefits as of January 1, 1997, was $831.

In 1998, Meade’s estimated Average Salary was $52,400, and his estimated Covered Compensation Base was $52,400. Using Meade’s 1998 estimated Average Salary of $52,400, his estimated Covered Compensation Base of $52,400 and 33.4166 years of Benefit Accrual Service, the Pitt-ston Plan New Formula produces a result of $1,857.47 per month. Meade’s 1998 Annual Benefit Statement estimated his future monthly retirement benefits as $2,183 from the Pittston Plan. The benefit estimate printed on Meade’s 1998 Annual Benefit Statement was calculated by counting years of service from October 28, 1981, although this date was not printed on the Annual Benefit Statement. Meade’s 1998 Annual Benefit Statement estimated that Meade’s accrued monthly benefits as of January 1, 1998, was $1,006.

Using Meade’s December 31, 2000, estimated Average Salary of $62,896.42, his estimated Covered Compensation Base of $55,505.24 and 11 years of Benefit Accrual Service (accrued between February 19, 1990, and December 31, 2000), the Pittston Plan New Formula produces a result of $930.92. Meade received a pension estimate on or about November 30, 2000, that provided that his accrued benefit under the Pittston Plan was $ 930.32 as of December 31, 2000.

Using Meade’s actual Average Salary of $67,197.08, Benefit Accrual Service of 11 years and his Final Covered Compensation Base of $63,808.90, the Pittston Plan New Formula produces a result of $971.84. Adding Meade’s Paramont Plans benefit of $78.48 and, assuming that Meade will retire on his Normal Retirement Date and elect a single life annuity, produces a result of $1050.32 per month. Using Meade’s actual Average Salary of $67,197.08, Benefit Accrual Service of 19 years and his Final Covered Compensation Base of $63,808.90, the Pittston Plan New Formula produces a result of $1,678.63. Adding Meade’s Paramont Plans benefit of $78.48 and, assuming that Meade will retire on his Normal Retirement Date and elect ,a single life annuity, produces a result of $1757.11 per month.

The parties agree that Paramont hired Donald Ratliff, (“Ratliff’), on June 16, 1978, and that he was an employee of Paramont on July 7, 1986, the date it was acquired by Pyxis. On January 1, 1988, Ratliff transferred to Pyxis. As of January 1, 1988, Ratliff was entitled to receive a monthly retirement benefit of $111.19 under the Paramont Plans. On October 1, 1991, Ratliff transferred to Pittston Coal Management Company. On February 1, 1992, Ratliff transferred to Pyxis. On January 1, 1995, Ratliff transferred to Maxim Management Company. On April 1, 1995, Ratliff transferred to Pittston Coal Management Company. On May 17, 1996, Ratliff transferred to Maxim Management Company. On June 1, 1996, Ratliff transferred to Pittston Coal Management Company. On August 24, 2001, Ratliff terminated his employment with all participating Companies in the Pittston Plan. Ratliffs Normal Retirement Date is September 1, 2018. There are 30.6666 years of Benefit Accrual Service between January 1, 1988, and September 1, 2018. From January 1, 1988, to August 24, 2001, there are 13.934 years of service. From June 16, 1978, to August 24, 2001, there are 23.273 years of service. Ratliff received Annual Benefit Statements, in 1988, 1989, 1990, 1991, 1992, 1993, 1994, 1995, 1996, 1997 and 1998.

In 1988, Ratliffs estimated Average Salary was $43,212, and his estimated Social Security Benefit was $11,796. Using Rat-liffs 1988 estimated Average Salary of $43,212, his estimated Social Security Benefit of $11,796 and 30.6666 years of Benefit Accrual Service, the Pittston Plan Old For'mula produces a result of $1,717.76 per month. Ratliffs 1988 Annual Benefit Statement estimated his future monthly retirement benefits as $1,717. The benefit estimate printed on Ratliffs 1988 Annual Benefit Statement was calculated by counting years of service from January 1, 1988, although this date was not printed on the Annual-Benefit Statement. Ratliffs 1988 Annual Benefit Statement estimated that Ratliffs accrued monthly benefits as of January 1,1988, was $0.

In 1989, Ratliffs estimated Average Salary was $46,116, and his estimated Social Security Benefit was $12,528. Using Rat-liffs 1989 estimated Average Salary of $46,116, his estimated Social Security Benefit of $12,528 and 30.6666 years of Benefit Accrual Service, the Pittston Plan Old Formula produces a result of $1,835.14 per month. Ratliffs 1989 Annual Benefit Statement estimated his future monthly retirement benefits as $1,835. The benefit estimate printed on Ratliffs 1989 Annual Benefit Statement was calculated by counting years of service from January 1, 1988, although this date was not printed on the Annual Benefit Statement. Ratliffs 1989 Annual Benefit Statement estimated that Ratliffs accrued monthly benefits as of January 1,1989, was $64.

In 1990, Ratliffs estimated Average Salary was $52,019, and his estimated Covered Compensation Base was $50,400. Using Ratliffs 1990 estimated Average Salary of $52,019, his estimated Covered Compensation Base of $50,400 and 30.6666 years of Benefit Accrual Service, the Pitt-ston Plan New Formula produces a result of $1,813.07 per month. Ratliffs 1990 Annual Benefit Statement estimated his future monthly retirement benefits as $1,813 from the Pittston Plan. The benefit estimate printed on Ratliffs 1990 Annual Benefit Statement was calculated by counting years of service- from January 1, 1988, although this date was not printed on the Annual Benefit Statement. Ratliffs 1990 Annual Benefit Statement estimated that Ratliffs accrued monthly benefits as of January 1, 1990, was $118.

In 1991, Ratliffs estimated Average Salary was $55,146, and his estimated Covered Compensation Base was $52,200. Using Ratliffs 1992 estimated Average Salary of $55,146, his estimated Covered Compensation Base of $52;200 and 30.6666 years of Benefit Accrual Service, the Pitt-ston Plan New Formula produces a result of $1,939.34 per month. Ratliffs 1991 Annual Benefit Statement estimated his future monthly retirement benefits as $2,050 from the Pittston Plan. The benefit estimate printed on Ratliffs 1991 Annual Benefit Statement was calculated by counting years of service from January 1, 1988, although this date was not printed on the Annual Benefit Statement. Ratliffs 1991 Annual Benefit Statement estimated that Ratliffs accrued monthly benefits as of January 1,1991, was $296.

In 1992, Ratliffs estimated Average Salary was $70,400, and his estimated Covered Compensation Base was $53,400. Using Ratliffs 1992 estimated Average Salary of $70,400, his estimated Covered Compensation Base of $53,400 and 30.6666 years of Benefit Accrual Service, the Pitt-ston Plan New Formula produces a result of $2,661.88 per month. Ratliffs 1992 Annual Benefit Statement estimated his future monthly retirement benefits as $111 from the Paramont Plans and $3,113 from the Pittston Plan. The benefit estimate printed on Ratliffs 1992 Annual Benefit Statement was calculated by counting years of service from June 16, 1978, although this date was not printed on the Annual Benefit Statement. Ratliffs 1992 Annual Benefit Statement estimated that Ratliffs accrued monthly benefits as of January 1, 1992, was $1,443.

. In 1993, Ratliffs estimated Average Salary was $71,610, and his estimated Covered Compensation Base was $55,200. Using Ratliffs 1993 estimated Average Salary of $71,610, his estimated Covered Compensation Base of $55,200 and 30.6666 years of Benefit Accrual Service, the Pitt-ston Plan New Formula produces a result of $2,695.22 per month. Ratliffs 1993 Annual Benefit Statement estimated his future monthly retirement benefits as $111 from the Paramont Plans and $2,695 from the Pittston Plan. The benefit estimate printed on Ratliffs 1993 Annual Benefit Statement was calculated by counting years of service from January 1, 1988, although this date was not printed on the Annual Benefit Statement. Ratliffs 1993 Annual Benefit Statement estimated that Ratliffs accrued monthly benefits as of January 1,1993, was $562.

In 1994, Ratliffs estimated Average Salary was $80,464, and his estimated Covered Compensation Base was $57,480. Using Ratliffs 1994 estimated Average Salary of $80,464, his estimated Covered Compensation Base of $57,480 and 30.6666 years of Benefit Accrual Service, the Pitt-ston Plan New Formula produces a result of $3,092.35 per month. Ratliffs 1994 Annual Benefit Statement estimated his future monthly retirement benefits as $111 for the Paramont Plans and $3,092 from the Pittston Plan. The benefit estimate printed on Ratliffs 1994 Annual Benefit Statement was calculated by counting years of service from January 1, 1988, although this date was not printed on the Annual Benefit Statement. Ratliffs 1994 Annual Benefit Statement estimated that Ratliffs accrued monthly benefits as of January 1,1994, was $756.

In 1995, Ratliffs estimated Average Salary was $79,309, and his estimated Covered Compensation Base was $57,900. Using Ratliffs 1995 estimated Average Salary of $79,309, his estimated Covered Compensation Base of $57,900 and 30.6666 years of Benefit Accrual Service, the Pitt-ston Plan New Formula produces a result of $3,030.46 per month. Ratliffs 1995 Annual Benefit Statement estimated his future monthly retirement benefits as $111 for the Paramont Plans and $3,030 from the Pittston Plan. The benefit estimate printed on Ratliffs 1995 Annual Benefit Statement was calculated by counting years of service from- January 1, 1988, although this date was not printed on the Annual Benefit Statement. Ratliffs 1995 Annual Benefit Statement estimated that Ratliffs accrued monthly benefits as of January 1,1995, was $896.

In 1996, Ratliffs estimated Average Salary was $78,469.62, and his estimated Covered Compensation Base was $61,224. Using Ratliffs 1996 estimated Average Salary of $78,469.62, his estimated Covered Compensation Base of $61,224 and 30.6666 years of Benefit Accrual Service, the Pittston Plan New Formula produces a result of $2,943.06 per month. Ratliffs 1996 Annual Benefit Statement estimated his future monthly retirement benefits as $111 for the Paramont Plans and $3,442 from the Pittston Plan. The benefit estimate printed on Ratliffs 1996 Annual Benefit Statement was calculated by counting years of service from June 16, 1978, although this date was not printed on the Annual Benefit Statement. Ratliffs 1996 Annual Benefit Statement estimated that Ratliffs accrued monthly benefits as of January 1,1996, was $2,023.

In 1997, Ratliffs estimated Average Salary was $79,000, and his estimated Covered Compensation Base was $60,708. Using Ratliffs 1997 estimated Average Salary of $79,000, his estimated Covered Compensation Base of $60,708 and 30.6666 years of Benefit Accrual Service, the Pitt-ston Plan New Formula produces a result of $2,976.02 per month. Ratliffs 1997 Annual Benefit Statement estimated his future monthly retirement benefits as $111 for the Paramont Plans and $3,480 from the Pittston Plan. The benefit estimate printed on Ratliffs 1997 Annual Benefit Statement was calculated by counting years of service from-June 16, 1978, although this date was not printed on the Annual Benefit Statement. Ratliffs 1997 Annual Benefit Statement estimated that Ratliffs accrued monthly benefits as of January 1,1997, was $2,011.

In 1998, Ratliffs estimated Average Salary was $94,100, and his estimated Covered Compensation Base was $62,592. Using Ratliffs 1998 estimated Average Salary of $94,100, his estimated Covered Compensation Base of $62,592 and 30.6666 years of Benefit Accrual Service, the Pitt-ston Plan New Formula produces a result of $3,681.47 per month. Ratliffs 1998 Annual Benefit Statement estimated his future monthly retirement benefits as $111 for the Paramont Plans and $4,302 from the Pittston Plan. The benefit estimate printed on Ratliffs 1998 Annual Benefit Statement was calculated by counting years of service from June 16, 1978, although this date was not printed on the Annual Benefit Statement. Ratliffs 1998 Annual Benefit Statement estimated that Ratliffs accrued monthly benefits as of January 1,1998, was $2,356.

Using Ratliffs December 31, 2000, estimated Average Salary of $101,056.19, his estimated Covered Compensation Base of $67,164 and 13 years of Benefit Accrual Service (accrued between January 1, 1988, and December 31, 2000), the Pittston Plan New Formula produces a result of $1,898.84. Ratliff received a pension estimate on or about November 30, 2000, that provided that his accrued benefit under the Pittson Plan, as of December 31, 2000, was $2,010.03, which included $111.19 in benefits under the Paramont Plans.

Using Ratliffs actual Average Salary of $115,728.65, Benefit Accrual Service of 13.934 years and his Covered Compensation Base of $69,444, the Pittston Plan New Formula produces a result of $2,378.49. Adding Ratliffs Paramont Plans benefit of $111.19, and assuming that he retires on his Normal Retirement Date and elects a single life annuity, produces a result of $2,489.68 per month. Using Rat-liffs actual Average Salary of $115,728.65, Benefit Accrual Service of 23.273 years and his Covered Compensation Base of $69,444, the Pittston Plan New Formula produces a result of $3,972.62. Adding Ratliffs Paramont Plans benefit of $111.19, and assuming that he retires on his Normal Retirement Date and elects a single life annuity, produces a result of $4,083.81 per month.

Plaintiffs’ remaining claim rests on allegations that certain Pittston Plan representatives misrepresented that plaintiffs would receive credit for their time worked with Paramont prior to July 1, 1989, in the calculation of their retirement benefits under the Pittston Plan. Mike Quillen testified that he began work with Paramont in 1976 and was Paramont’s president at the time of its acquisition by Pyxis in 1986. Quillen testified that he made this representation to numerous Paramont employees on numerous occasions.

Quillen testified that, at the time of Par-amonfis acquisition by Pittston in 1986, Paramont had two defined-benefit retirement plans, the Salaried Employees’ Pension Plan of Paramont Coal Corporation and the Hourly Employees’ Pension Plan of Paramont Coal Corporation. Quillen further testified that he was a trustee of the Paramont Plans, and that as a trustee he had a duty to understand the terms of the Paramont Plans. Quillen testified that as a trustee of the Paramont Plans he served as a fiduciary of the Paramont Plans. Quillen further testified that when he communicated with employees about the Paramont Plans, he tried to be truthful and that, if he had thought any employees were under a misimpression of their benefits, he would have attempted to correct that. Quillen also testified that he was never a trustee of the Pittston Plan. Quil-len testified that he never had any administrative responsibility, any control over or any discretion regarding the Pittston Plan. Quillen further testified that he was never authorized to speak on behalf of the Pitt-ston Plan, other than on the one occasion when Joseph Farrell, Pittston’s Senior or Executive Vice President, asked him to explain the Pittston employee benefits, including the Pittston Plan, to Paramont’s employees at the time of its acquisition by Pyxis.

Quillen testified that prior to Pyxis’s acquisition of Paramont in 1986 he was asked to travel to Pittston’s corporate headquarters in Greenwich, Connecticut, to meet with Farrell. He stated that in this meeting, Farrell expressed to him Pittston’s desire for Paramont to remain nonunion after its acquisition by Pyxis. Quillen testified that he and Farrell discussed a number of incentives that could be given to Paramont’s employees in an effort to convince them to remain nonunion after Paramont’s acquisition by Pyxis. Quillen testified, “the primary thing that we discussed was moving from the current Paramont pension and retirement plan to the Pittston salaried union free pension plan.” Quillen also testified that he and Farrell discussed giving Paramont employees credit for their years of service with Paramont in the calculation of their benefits under the Pittston Plan, and that they further discussed the resulting larger pension benefits for Paramont employees under the Pittston Plan.

Many of the questions posed to Quillen on direct examination assumed that Farrell represented to Quillen that, after the acquisition of Paramont by Pyxis, that Paramont’s employees would be eligible for benefits under the Pittston Plan and that their years of service with Paramont prior to 1986 would be included in calculating their benefits under the Pittston Plan. Quillen, however, never testified to this fact. In fact, Quillen never specifically testified that Farrell stated that Para-mont’s employees would be eligible for retirement benefits under the Pittston Plan or that their years of service with Para-mont would be used in the calculation of these benefits. Instead, Quillen simply testified that, after his discussions with Farrell, Farrell instructed him to go to Paramont’s employees and “explain their whole benefit package ... — including the Pittston pension plan.” Furthermore, Quillen also admitted that at the time of his discussions with Farrell he did not understand the difference between vesting service and Benefit Accrual Service under the Pittston Plan.

Quillen testified that, as a result of this meeting with Farrell, he returned to Virginia and told Paramont employees that they would be covered by the Pittston Plan at the time of Pyxis’s acquisition and that all of their years of service with Paramont would be included in the calculation of their benefits under the Pittston Plan. Exactly why Quillen made these representations to Paramont employees is unclear, based on the fact that the overwhelming evidence in this case shows that Quillen clearly knew that there would be no change in the Paramont employees’ benefits at the time of Paramont’s acquisition by Pyxis.

Quillen also testified that, prior to Pyx-is’s acquisition of Paramont, he also had discussions with Farrell regarding the terms of his continuing employment with Paramont after the acquisition. Quillen stated that, on or about July 2, 1986, he sent a letter to Farrell, summarizing a discussion that they had on July 1, 1986, (Exhibit 137) (“Quillen’s 7-2-86 Letter”). Quillen’s 7-2-86 Letter states in part:

My understanding of our discussion is that I will retain the title of President, Paramont Coal Corporation and will also assume a position of Senior Vice President, Pyxis Resources, Inc.... I will also receive credit for five years prior service upon five years service with Pitt-ston toward my pension; thus, in effect, vesting me at five years equal to ten years in the present pension plan. It is understood that the Pittston Company will internally provide the difference versus the present ERISA approved pension plan.

Despite the content of this letter, Quillen ■claimed on cross-examination that, at the time he wrote this letter, he thought that he would receive credit for all of his years of service with Paramont in the calculation of his benefits under the Pittston Plan.

Quillen also testified that he received, reviewed and signed, indicating his agreement with, a letter from T.W. Garges, President of Pyxis Resources Company, setting forth the terms of his continuing employment after Pyxis’s acquisition of Paramont, (Exhibit 138) (“Garges’s 7-8-86 Letter”). Garges’s 7-8-86 Letter states in part:

We would like to confirm the arrangements made with respect to your employment effective from and after the closing ... of our purchase of all of the shares of Paramont Coal Corporation ... under the Stock Purchase Agreement dated June 6,1986....

3. We have also agreed with you that, in determining the amount which will be payable to you as retirement benefit, your “Benefit Accrual Service” as defined in the [Pittston Plan] shall be increased by five years. If your right to a retirement benefit shall have vested under the [Pittston] Plan at the time when your employment ceases, the additional amount payable by virtue of such five-year increase shall be paid as a supplemental pension otherwise than under the [Pittston Plan]. If your right shall not have vested at such time but would have vested if your Benefits Accrual Service had included such five-year increase, you will be entitled to receive a retirement benefit (which shall be paid otherwise than under the [Pittston Plan]) in the same amount to which you would have been entitled if your Benefit Accrual Service had included such five-year increase. It is, however, understood that, if after giving effect to such five-year increase as though it were Benefit Accrual Service your right to a retirement benefit would not have vested under the [Pitt-ston Plan], you will not have any right to receive a retirement benefit under the [Pittston Plan] or otherwise.

While Quillen was not specific as to the time frame, Quillen testified that Kathy Fox, Assistant Employee Benefits Manager with Pittston met with him and other Paramont administrative personnel at some point to explain Pittston’s employee benef