Holding a settlement agreement was a revised withdrawal liability assessment, the U.S. Court of Appeals for the Third Circuit rejected a group of dairy companies’ petition to dismiss a pension fund’s claim to enforce a $39...more
A recent case from the United States Court of Appeals for the Sixth Circuit, Local No. 499, Board of Trustees of Shopmen's Pension Plan v. Art Iron, Inc., et al., 177 F. 4th 923 (6th Cir. 2024), clarifies a significant legal...more
Last Friday, a three-judge panel of the United States Court of Appeals for the Seventh Circuit reversed a district court’s decision upholding an arbitration award requiring an employer to pay more than $2.3 million in...more
Under the provisions of the Employee Retirement Income Security Act (“ERISA”) as modified by the Multiemployer Pension Plan Amendments Act of 1980 (“MPPAA”), an employer who withdraws from a multiemployer pension plan is...more
Approximately a quarter of the workforce covered by a traditional pension plan is in a multiemployer plan, according to the U.S. Bureau of Labor Statistics. Many manufacturers that participate in such plans are unaware their...more
On November 20, Republican Senators Charles Grassley and Lamar Alexander – chairmen of the committees with jurisdiction over pensions – jointly released the Multiemployer Pension Recapitalization and Reformation Plan (the...more
On September 25, the Central States Pension Fund (one of the largest multiemployer/union pension funds in the country) submitted to the U.S. Department of Treasury a proposed “rescue plan,” which would allow the fund to...more
There are approximately 1,400 multiemployer pension plans and nearly 10 percent are projected to become insolvent within the next 15 years. Plan insolvency will trigger a termination and the assessment of withdrawal...more