News & Analysis as of

Withdrawal Liability

A New Obligation Imposed on Employers Contributing to Multiemployer Plans

by Saul Ewing LLP on

Lawyers with clients that deal with multiemployer plans thought we knew what plans could require withdrawing employers to pay. After all, the employer’s potential liability – commonly known as “withdrawal liability” – is...more

FAQ: Recent Developments in US Law Affecting Pension and OPEB Claims in Restructurings (2017)

by Latham & Watkins LLP on

From theory to practice, planning to enforcement, the answers to 42 of the most frequently asked questions can help you prepare, cope or respond to a restructuring. This Client Alert answers some of the most frequently asked...more

Federal Circuit Denies Claim Under SCA Price Adjustment Clause for Pension Withdrawal Liability

by Holland & Knight LLP on

Last month, the U.S. Court of Appeals for the Federal Circuit (CAFC) affirmed a decision of the U.S. Court of Federal Claims upholding and NASA’s denial of a claim in the amount of about $2 million for reimbursement pension...more

The new pensions advice allowance: implications for trustees

by Hogan Lovells on

As announced in the 2016 Autumn Statement, pension schemes may (but will not be required to) allow members to withdraw up to £500 from their defined contribution (DC) pension pots to pay for financial advice about retirement....more

Multiemployer Pension Plans: Section 1405 – Limitation on Withdrawal Liability

by FordHarrison on

In a recent decision involving a withdrawal liability assessment by a multiemployer pension plan, an arbitrator reduced the assessment by approximately 50 percent and ruled in favor of the employer on several significant...more

Structuring Private Equity Deals in 2017: Considerations for Buyers While They Wait for the Sun Capital Appeals to Play Out

by McDermott Will & Emery on

Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund has been analyzed extensively over the past four years, as it has made its way from the US District Court for the District of...more

More Ways to be Tagged with Withdrawal Liability

I have written a number of posts, on employers and business owners who have been held responsible for the multiemployer plan withdrawal liability of a different employer. In some cases, the liability comes from common...more

Could your Oil and Gas Interest Cause You to Be Responsible for Multiemployer Plan Withdrawal Liability?

I noticed an interesting case from the Tenth Circuit which found that a two to three percent working interest in an oil and gas venture could generate self-employment income for the owner of that interest. The individual in...more

Employee Benefits Developments - September 2016

by Hodgson Russ LLP on

Final IRS Regulations Eliminate Requirement to File 83(b) Election with Tax Return - Under Section 83(a) of the Internal Revenue Code (the “Code”), if property is transferred in connection with the performance of...more

Case Note: The Underfunded Union Pension Plan and Asset Purchase Agreements

by Jackson Walker on

In a decision handed down by the Seventh Circuit on June 24, 2016, the court warned that a lack of familiarity with the concept of withdrawal liability cannot be used by a buyer of business assets as an excuse to avoid...more

Arbitrator Slashes Annual Withdrawal Liability Payments in Underfunded Multiemployer Pension Plan Dispute

by Jackson Lewis P.C. on

Employers who cease contributing to an ERISA multiemployer pension plan are liable for their allocable share of any underfunding, or “withdrawal liability.”...more

The ERISA Litigation Newsletter - May 2016

by Proskauer Rose LLP on

Editor’s Overview - In this issue of Proskauer's ERISA Litigation Newsletter, we review a recent ruling by the Tenth Circuit Court of Appeals concerning the application of controlled group principles to the building...more

More Egregious Aggregation Under ERISA in the Sun Capital Partners Case? The District Court Goes Down Yet Another Road

by Dechert LLP on

The recent opinion by the U.S. District Court for the District of Massachusetts on remand from the U.S. Court of Appeals for the First Circuit in the Sun Capital Partners case may be troubling to private equity funds and...more

Tenth Circuit Expands Withdrawal Liability of Construction Industry Employer

by Jackson Lewis P.C. on

In a case of first impression, the United States Circuit Court of Appeals for the Tenth Circuit held that work performed by a non-union company acquired after a construction industry employer ceased contributing to a...more

Compensation and Benefits Insights – April 2016

by King & Spalding on

Private Equity Funds Found Liable for Portfolio Company’s ERISA Withdrawal Liability - The most recent ruling in the ongoing Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund case...more

A Compilation of Non-Enforcement Actions

by Foley & Lardner LLP on

Non-Enforcement - Amendments to the Venture Capital Fund Adviser and Private Fund Adviser Exemptions - Last month the SEC’s Division of Investment Management issued a guidance update (Update) addressing recent...more

Employee Benefits Developments - April 2016

by Hodgson Russ LLP on

Stock Drop Case Update: Settlement Reached in Dudenhoeffer Case; Dismissal of Lehman Brothers Lawsuit Upheld. Two recent developments in stock drop litigation are worth noting: Dudenhoeffer Settlement. In Fifth Third...more

The ERISA Litigation Newsletter - April 2016

by Proskauer Rose LLP on

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

District Court Holds Private Equity Funds Jointly Liable for Portfolio Company's ERISA Withdrawal Liability

by Bracewell LLP on

The U.S. District Court for the District of Massachusetts ruled on March 28, 2016 that two private equity funds were jointly and severally liable for the multiemployer pension plan withdrawal liability of their jointly-owned...more

Sun Capital Court Finds that Common Industry Practices Exposed PE Funds to Pension Plan Liabilities

A group of related private equity (“PE”) funds were found liable for a bankrupt portfolio company’s pension plan debts in the latest and most worrisome decision in the long-running Sun Capital Partners III, LP v. New England...more

Investment Plus Partnership-in-Fact = Withdrawal Liability

by Bryan Cave on

Previously, we wrote about the First Circuit decision that a private equity fund constituted a “trade or business” under ERISA as amended by the Multeimployer Pension Plan Amendments Act (“MPPAA”). That dry description is...more

Current Structuring May Not Shield Private Equity Firms from ERISA Liabilities

On March 28, 2016, the U.S. District Court for the District of Massachusetts held that two private equity funds within Sun Capital were jointly and severally liable under the Employee Retirement Income Security Act of 1974,...more

Private Equity Funds Found Responsible for Withdrawal Liability of Bankrupt Portfolio Company

by McGuireWoods LLP on

As we previously reported, two private equity funds (the Sun Funds) managed by Sun Capital Advisors, Inc. (SCAI) have for years battled with the New England Teamsters & Trucking Industry Pension Fund (TPF) over whether the...more

Pension Plan Withdrawal Liability Imposed on Investor Private Equity Funds

by Holland & Knight LLP on

The latest decision in the series of Sun Capital cases was released on March 28, 2016, by the U.S. District Court for the District of Massachusetts. In Sun Capital Partners III, LP v. New England Teamsters & Trucking Indus....more

Private Equity Fund Sponsors' Risk for ERISA Unfunded Pension Liability Grows

On March 28, the US District Court for the District of Massachusetts held that, under the Employee Retirement Income Security Act of 1974 (ERISA), two private equity funds (1) were engaged in a trade or business, and (2) had...more

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