Friday, March 30, 2007
Tweet[IWS] CRS: LEGAL ISSUES in TERMINATIONS of SINGLE-EMPLOYER PENSION PLANS: Beck v. PACE International Union [28 March 2007]
IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________
Congressional Research Service (CRS)
Order Code RS22635
March 28, 2007
Legal Issues in Terminations of Single-Employer Pension Plans: Beck v. PACE International Union
Jennifer Staman, Erika Lunder, Legislative Attorneys, American Law Division
http://www.opencrs.com/rpts/RS22635_20070328.pdf
[full-text, 6 pages]
Summary
On January 19, 2007, the U.S. Supreme Court granted certiorari in Beck v. PACE
International Union. The case concerns the decision by an employer in bankruptcy
proceedings to terminate its pension plans. The employer, which was both plan sponsor
and administrator, had the option of terminating the plans by buying annuities for plan
participants and beneficiaries or by merging the plans with a multiemployer plan. It
chose the annuity option. At issue in Beck is whether the employer breached the
fiduciary duty owed under the Employee Retirement Income Security Act (ERISA) to
plan participants and beneficiaries by failing to adequately consider the merger proposal.
This report discusses the Beck case and will be updated as events warrant.
______________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Stuart Basefsky
Director, IWS News Bureau
Institute for Workplace Studies
Cornell/ILR School
16 E. 34th Street, 4th Floor
New York, NY 10016
Telephone: (607) 255-2703
Fax: (607) 255-9641
E-mail: smb6@cornell.edu
****************************************
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________
Congressional Research Service (CRS)
Order Code RS22635
March 28, 2007
Legal Issues in Terminations of Single-Employer Pension Plans: Beck v. PACE International Union
Jennifer Staman, Erika Lunder, Legislative Attorneys, American Law Division
http://www.opencrs.com/rpts/RS22635_20070328.pdf
[full-text, 6 pages]
Summary
On January 19, 2007, the U.S. Supreme Court granted certiorari in Beck v. PACE
International Union. The case concerns the decision by an employer in bankruptcy
proceedings to terminate its pension plans. The employer, which was both plan sponsor
and administrator, had the option of terminating the plans by buying annuities for plan
participants and beneficiaries or by merging the plans with a multiemployer plan. It
chose the annuity option. At issue in Beck is whether the employer breached the
fiduciary duty owed under the Employee Retirement Income Security Act (ERISA) to
plan participants and beneficiaries by failing to adequately consider the merger proposal.
This report discusses the Beck case and will be updated as events warrant.
______________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Stuart Basefsky
Director, IWS News Bureau
Institute for Workplace Studies
Cornell/ILR School
16 E. 34th Street, 4th Floor
New York, NY 10016
Telephone: (607) 255-2703
Fax: (607) 255-9641
E-mail: smb6@cornell.edu
****************************************
# posted by SBasefsky : 4:47 PM
