Significant multiemployer and single employer benefit rule changes take effect

On December 16, 2014, President Obama signed into law the $1.1 trillion Consolidated and Further Continuing Appropriations Act of 2015 (Appropriations Act), which includes some significant changes to the rules governing multiemployer pension plans, as well as a few changes affecting single employer pension plans.

Filed under:
USA, Employee Benefits & Pensions, Insolvency & Restructuring, Proskauer Rose LLP, Endangered species, Pension Benefit Guaranty Corporation, Pension Protection Act 2006 (USA)
Authors:
Ira M Golub , Robert M. Projansky , Justin S. Alex
Location:
USA
Firm:
Proskauer Rose LLP
Investment funds not liable for portfolio company's underfunded pension liability under federal court ruling

On October 18, 2012, the U.S. District Court for the District of Massachusetts ruled that two private equity investment funds managed by Sun Capital Partners, Inc. were not liable for their bankrupt portfolio company's multiemployer pension plan withdrawal liability (Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund, Civ. Action No. 10-10921-DPW (D. Mass. Oct. 18, 2012)).

Filed under:
USA, Massachusetts, Corporate Finance/M&A, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Proskauer Rose LLP, Employee Retirement Income Security Act 1974 (USA), Private equity, Joint and several liability, Sun Capital Partners, Pension Benefit Guaranty Corporation
Authors:
Ira G Bogner , Robert M. Projansky , Andrea S Rattner
Location:
USA
Firm:
Proskauer Rose LLP