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On December 10, 2025, the NAM filed an amicus brief in the 4th Circuit arguing that retirement plan beneficiaries are barred from suing their employers for “mismanagement” of their plans when they have not suffered any losses or delayed payments. This case is one of eight parallel suits filed by the same plaintiffs’ firm making the same speculative claims about pension plan management. In Konya v. Lockheed Martin, former Lockheed employees sued the company for allegedly violating ERISA by mishandling their retirement plans through a pension risk transfer with an annuity provider. While they claimed the transaction was “risky,” none of the participants suffered any reductions or suspensions in the payments they were due under the plan—i.e. they suffered no injury. In our brief, we argue that individuals should not be allowed to sue based on conjectures about the “riskiness” of a transaction or the financial health of a company when those individuals have not been harmed by the transaction. Allegations that future injuries may occur cannot serve as the basis for costly and burdensome lawsuits against undeserving companies.