Liquidation Lessons From 11th Circ. Pension Plan Ruling

Law360 (January 20, 2021, 4:23 PM EST) -- In Pension Benefit Guaranty Corp. v. 50509 Marine LLC et al.[1] the U.S. Court of Appeals for the Eleventh Circuit held that the Pension Benefit Guaranty Corp. can recover an employer's defined benefit pension plan termination liability — often millions of dollars — from controlled group members that did not even exist when the contributing employer liquidated years earlier.[2]

This decision, issued on Nov. 24, 2020, is important for business owners, including private equity funds, holding companies and conglomerates, because if a liquidating employer's defined benefit plan is not properly terminated, the employer's future controlled group members may be on the...

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