multiemployer pension plan Archives - EMPLOYEE BENEFITS BLOG

PBGC’s Multiemployer Insurance Program Faces Insolvency, While Single-Employer Program Improves

by Charnae Supplee and Stephen Pavlick | Sep 17, 2019 | Employee Benefits, Retirement Plans

The Pension Benefit Guaranty Corporation (PBGC) recently issued a press release announcing that the Multiemployer Insurance Program remains in a dire financial condition, nearing insolvency. The agency’s insurance program for multiemployer pensions, covering more than 10 million people, will likely run out of money by the end of fiscal year 2025, according to the FY 2018 Projections Report. On the other hand, the PBGC’s projection for the Single-Employer Program shows continued improvement. However, these positive projections are subject to a range of potential outcomes due to the Program’s sensitivity to economic conditions.

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Seventh Circuit Continues to Apply Federal Successor Liability Doctrine to Multiemployer Pension Plan Withdrawal Liability

by Alan D. Nesburg, PC and McDermott Will & Emery | Oct 2, 2015 | Employee Benefits, Employment, Health and Welfare Plans, Retirement Plans

The U.S. Court of Appeals for the Seventh Circuit recently addressed the notice requirement of the federal successor liability doctrine where withdrawal from a multiemployer pension plan occurred after a sale of assets.

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Company Owners Personally Liable for $3.1 Million Withdrawal Liability Assessment — Owners’ Lease of Commercial Property to Company Constituted “Trade or Business”

by McDermott Will & Emery | Apr 22, 2013 | Retirement Plans

by Jonathan J. Boyles, Paul J. Compernolle and David Diaz

The U.S. Court of Appeals for the Seventh Circuit ruled that owners can be personally liable for multiemployer withdrawal liability where the owner leases property to its own closely held corporation. The decision highlights the dangers of related-party transactions, failing to observe business formalities and holding property personally.

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