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PBGC's rights to assets from former plan sponsor upheld


PBGC’s rights to assets from former plan sponsor upheld
Bloomberg
A federal appeals court in Florida has backed the Pension Benefit Guaranty Corp. in its legal bid to go after the owner of a company that took more than two decades to shut down its pension plan.
From the confluence of bankruptcy, employee benefits and corporations law comes this most unusual case, wrote Judge Richard C. Tallman for the 11th Circuit U.S. Court of Appeals in Miami in the Nov. 24 order upholding a U.S. District Court s 2019 judgment for the PBGC.
The PBGC filed the case in July 2018 to collect unfunded benefit liabilities it was owed when the Liberty Lighting Co. Inc. Pension Plan for IBEW Employees, Chicago, was terminated and taken over by the agency, and for premiums owed to PBGC because of the termination. The lawsuit also sought to recover any property fraudulently transferred while Liberty and other companies owned by Joseph Wortley were winding down. ....

United States , Joseph Wortley , Richardc Tallman , Pension Benefit Guaranty Corp , Circuit Us Court , Liberty Lighting Co , Us District Court , Pension Benefit Guaranty , Judge Richard , Liberty Lighting , Pension Plan , ஒன்றுபட்டது மாநிலங்களில் , ஜோசப் வோர்ட்லி , ஓய்வூதியம் நன்மை உத்தரவாதம் கார்ப் , சுற்று எங்களுக்கு நீதிமன்றம் , சுதந்திரம் விளக்குகள் இணை , எங்களுக்கு மாவட்டம் நீதிமன்றம் , ஓய்வூதியம் நன்மை உத்தரவாதம் , நீதிபதி ரிச்சர்ட் , சுதந்திரம் விளக்குகள் , ஓய்வூதியம் திட்டம் ,

Court Rules Pensions Can't Exist in a State of Limbo | Chief Investment Officer


Court Rules Pensions Can’t Exist in a State of Limbo
In ‘most unusual case,’ judges back PBGC and find that someone must be held responsible for a pension even if the sponsor is long gone.
The 11th U.S. Circuit Court of Appeals has ruled in a “most unusual case” that a company that went bankrupt and dissolved in the 1990s was still liable for its pension’s obligations 20 years later.
The case centers on Chicago area-based Liberty Lighting Co. Inc, a unionized electrical supply manufacturing company and plan sponsor and administrator of the Liberty Lighting Co. Inc. Pension Plan for IBEW Employees. According to court documents, Liberty entered bankruptcy and surrendered its assets to a creditor in 1992, and it was dissolved under state law. ....

United States , Joseph Wortley , Us Circuit Court , Liberty Lighting Co , Pension Benefit Guaranty Corporation , Liberty Lighting , Pension Plan , Employee Retirement Income Security Act , ஒன்றுபட்டது மாநிலங்களில் , ஜோசப் வோர்ட்லி , எங்களுக்கு சுற்று நீதிமன்றம் , சுதந்திரம் விளக்குகள் இணை , ஓய்வூதியம் நன்மை உத்தரவாதம் நிறுவனம் , சுதந்திரம் விளக்குகள் , ஓய்வூதியம் திட்டம் , ஊழியர் ஓய்வு வருமானம் பாதுகாப்பு நாடகம் ,