Pension Benefit Guarantee Corp. v. LTV Corp
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Section:4042 of ERISA authorized PBGC to terminate pension plans “involuntarily;” and Section:1347 authorized PBGC to “undo” termination and restore a pension plan “in any such case in which it determines such action to be appropriate.” When a plan is restored, full benefits are reinstated, and the employer, rather than the PBGC, is again responsible for the plan’s unfunded liabilities. LTV filed for reorganization under Chapter 11 of the Bankruptcy Code, and sought to have PBGC terminate its pension plans due to financial difficulty. After the plans were terminated, PBGC determined that LTV’s financial situation had improved significantly, and issued a Notice of Restoration to make LTV again responsible for its plans. LTV refused to comply, and PBGC initiated an enforcement action in the District Court. The court vacated PBGC’s restoration decision, and the Court of Appeals for the Second Circuit affirmed, holding that PBGC’s decision was arbitrary and capricious because the decision-making process of informal adjudication lacked adequate procedural safeguards.
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