Teachers Retirement Services, Columbia Universal Life Insurance Company, American Heritage Life Insurance. Several teachers have filed a lawsuit seeking class action status against these companies. A Summer Pay Annuity Retirement program was marketed to teachers who received paychecks year round, instead of just the months they spent teaching. School districts typically offer the option of withholding income from each pay period to fund teachers' summertime checks. They were pitched a savings plan that would have allowed them to earn interest on that withheld money. The lawsuit claims they were misled when they signed up for an investment plan because in reality, the program established annuities with the deferred summer income, from which teachers unknowingly took out loans to cover their summer paychecks.
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