The American Rescue Plan Act of 2021 created a significant new special financial assistance program administered by the Pension Benefit Guaranty Corporation for certain troubled multiemployer pension plans. Shortly after...more
On July 8, 2022, the Pension Benefit Guaranty Corporation (“PBGC”) published its much anticipated final rule on the special financial assistance (“SFA”) available to certain troubled multiemployer plans under the American...more
On January 31, 2022, the Ninth Circuit affirmed the lower court’s finding that surcharges imposed by the Pension Protection Act (“PPA”) are excluded from the determination of an employer’s “highest contribution rate” for...more
As we previously reported, the American Rescue Plan Act of 2021 (“ARPA”) created a special financial assistance program that is administered by the Pension Benefit Guaranty Corporation (“PBGC”) and intended to extend the...more
7/16/2021
/ American Rescue Plan Act of 2021 ,
Corporate Counsel ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Interim Final Rules (IFR) ,
Multiemployer Plan ,
New Guidance ,
PBGC ,
Pension Reform ,
Pensions ,
Retirement Plan ,
Withdrawal Liability
Today, the House of Representatives passed the $1.9 trillion American Rescue Plan Act of 2021 (the “ARPA”). The ARPA has already been approved by the Senate and is expected to be quickly signed into law by President Biden....more
The Pension Benefit Guaranty Corporation (“PBGC”) issued a final rule on January 7, 2021 that impacts the calculation of withdrawal liability by multiemployer pension plans in endangered or critical status. The final rule...more
Editor's Overview -
Happy New Year. We wrap-up 2019 with an article that reflects on significant developments in ERISA litigation during 2019, and takes a look at what's on the horizon for 2020. The courts (at all levels)...more
1/17/2020
/ 401k ,
Affordable Care Act ,
American Arbitration Association ,
Arbitration ,
Article III ,
Benefit Plan Sponsors ,
Best Practices ,
Breach of Duty ,
Cadillac Tax ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Liability Issues ,
Individual Mandate ,
Intel Corp. Investment Policy Committee v. Sulyma ,
IRS ,
Loss Causation ,
Multiemployer Plan ,
Pleading Standards ,
Retirement Plan ,
SCOTUS ,
Standing ,
Thole v U.S. Bank ,
Venue
The Second Circuit Court of Appeals recently issued a withdrawal liability decision of which both multiemployer pension plans and their contributing employers should be aware. Specifically, in National Retirement Fund v. Metz...more
Beginning January 1, 2020, the American Arbitration Association (AAA) will: (i) reduce filing fees charged to parties initiating arbitrations of withdrawal liability disputes; (ii) change how costs of arbitrations are...more
12/13/2019
/ Amended Rules ,
American Arbitration Association ,
Arbitration ,
Arbitrator Selection Disputes ,
Arbitrators ,
Employee Retirement Income Security Act (ERISA) ,
Filing Fees ,
Multiemployer Plan ,
PBGC ,
Pensions ,
Rulemaking Process ,
Taft-Hartley Plan Trustees ,
Withdrawal Liability
Last Friday, the U.S. Court of Appeals for the First Circuit ruled that two co-investing Sun Capital private equity funds (the Sun Funds) had not created an implied “partnership-in-fact” for purposes of determining whether...more
12/2/2019
/ Commercial Bankruptcy ,
Controlled Groups ,
Employee Retirement Income Security Act (ERISA) ,
Joint and Several Liability ,
Multiemployer Plan ,
Partnership-in-Fact ,
PBGC ,
Pensions ,
Portfolio Companies ,
Private Equity Funds ,
Sun Capital Partners ,
Withdrawal Liability
On February 6, 2019, the Pension Benefit Guaranty Corporation ("PBGC") issued a proposed rule that impacts how multiemployer pension plans in endangered or critical status calculate withdrawal liability. The rule is not yet...more
In light of the recent decisions by the U.S. Court of Appeals for the First Circuit and the U.S. District Court for the District of Massachusetts in Sun Capital, private investment funds, multiemployer pension funds and the...more
10/26/2017
/ Controlled Groups ,
Employee Retirement Income Security Act (ERISA) ,
Investment Portfolios ,
Joint and Several Liability ,
Limited Partnership Agreements ,
Multiemployer Plan ,
PBGC ,
Pensions ,
Private Equity Funds ,
Sun Capital Partners ,
Withdrawal Liability
Editor's Overview -
This month we feature three key developments. First, we review the U.S. Supreme Court's decision in Gobeille v. Liberty Mut. Ins. Co., 136 S. Ct. 936, 947 (2016) wherein the Supreme Court held that a...more
4/27/2016
/ 401k ,
Benefit Plan Sponsors ,
Best Interest Contract Exemptions ,
Best Interest Standard ,
Closely Held Businesses ,
Collective Bargaining Agreements (CBA) ,
Conflicts of Interest ,
Controlled Groups ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
FIfth Third Bancorp v Dudenhoeffer ,
Final Rules ,
Forum Selection ,
Gobeille v Liberty Mutual Insurance Com. ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
M&G Polymers v Tackett ,
Multiemployer Plan ,
Participant-Directed Plans ,
Partnership-in-Fact ,
PBGC ,
Preemption ,
PTEs ,
Reporting Requirements ,
Retirement Plan ,
SCOTUS ,
Stock Drop Litigation ,
Sun Capital Partners ,
UAW ,
Vesting ,
Withdrawal Liability
District Court finds affiliated funds acted in de facto partnership which controlled portfolio company; Decision may be significant in making private equity acquisition structuring choices.
As we previously reported, in...more
4/6/2016
/ Commercial Bankruptcy ,
Controlled Groups ,
Employee Retirement Income Security Act (ERISA) ,
Investment Portfolios ,
Joint and Several Liability ,
Joint Venture ,
Limited Partnership Agreements ,
Multiemployer Plan ,
PBGC ,
Pensions ,
Private Equity Funds ,
Sun Capital Partners ,
Withdrawal Liability
On December 16, 2014, President Obama signed into law the $1.1 trillion Consolidated and Further Continuing Appropriations Act of 2015 (Appropriations Act), which includes some significant changes to the rules governing...more
1/28/2015
/ Appropriations Bill ,
CBAs ,
Collective Bargaining ,
Defined Benefit Plans ,
Defined Contribution Plans ,
Employee Benefits ,
Multiemployer Plan ,
New Legislation ,
PBGC ,
Pensions ,
Unions
This month our articles focus on the availability of damages in complex ERISA class actions and withdrawal liability actions. Jackie Len first provides Proskauer's perspective on the implications for ERISA litigation arising...more
5/13/2013
/ 403(b) Plans ,
Affordable Care Act ,
Class Action ,
Class Certification ,
Comcast v. Behrend ,
Damages ,
Disclosure Requirements ,
Employee Retirement Income Security Act (ERISA) ,
Heimeshoff v. Hartford Life & Accident Insurance Co. ,
IRS ,
Multiemployer Plan ,
Pensions ,
Private Equity Funds ,
SCOTUS ,
Statute of Limitations ,
Sun Capital Partners ,
Transparency ,
Waivers