When a New York waste operator took over a waste hauling and recycling contract for Westchester County last year, the successful acquisition of a multimillion-dollar business opportunity turned into a pension liability...more
A bankruptcy court in Delaware recently upheld rules issued by the Pension Benefit Guaranty Corporation (PBGC) that severely impact how liability is calculated for employers withdrawing from multiemployer pension plans...more
10/24/2024
/ American Rescue Plan Act of 2021 ,
Bailout ,
Bankruptcy Court ,
Creditors ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Loper Bright Enterprises v Raimondo ,
Multiemployer Plan ,
PBGC ,
Pension Funds ,
Pensions ,
Withdrawal Liability
“Withdrawal liability” blindsides many employers when they stop contributing to collectively bargained pension plans. Multiemployer plans have used different calculations for years that inflate the withdrawal liability they...more
In a classic man-bites-dog turnaround, a federal appeals court ordered a Teamsters pension fund to return approximately $2 million in withdrawal liability payments to an employer that had stopped contributing in 2005. The...more
Christmas came early this year for the beleaguered Teamsters Central States Pension Fund and its over 350,000 participants – but employers may soon realize they just received a lump of coal in their stockings. On December 8,...more
The federal agency overseeing voluntary private defined benefit pension plans just issued its Interim Final Rule on how withdrawal liability will be impacted by the billions of dollars that will be paid to failing...more
A federal appeals court has handed multiemployer pension plans a blank check to assess increased withdrawal liability against employers exiting a plan. The 11th Circuit Court of Appeals’ recent decision in Westrock RKT...more