The proposed amendments would affect the determination of a withdrawing employer's liability under a multiemployer plan and annual withdrawal liability payment amount when the plan has had benefit reductions, benefit suspensions, surcharges or contribution increases that must be disregarded.
Tag: multiemployer plan withdrawal liability
The agency identifies information that would be helpful for plan sponsors to provide to help it evaluate proposed alternative terms and conditions to satisfy withdrawal liability.
The agency says it needs the information to estimate its multiemployer program liabilities for purposes of its financial statements.
The 9th Circuit depended on its own precedent in finding that unpaid contributions to employee benefit funds are not plan assets and, therefore, the company owners are not fiduciaries under ERISA with respect to unpaid withdrawal liability.
The appellate court disagreed with a district court conclusion that the multiemployer plan had not shown sufficient continuity of business operations to support successor liability.