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. 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.
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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