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Administrative Law Keyed to Popper
Pension Benefit Guaranty Corp. v. LTV Corp.
Citation:
496 U.S. 633, 110 S.Ct. 2668, 110 L.Ed.2d 579 (1990)Facts
The LTV Corporation and its subsidiaries, including LTV Steel, filed for Chapter 11 bankruptcy reorganization in July 1986. At that time, LTV Steel sponsored three chronically underfunded defined benefit pension plans covered by ERISA Title IV, with unfunded liabilities of almost $2.3 billion. After LTV advised the PBGC it could not continue funding the plans, the PBGC terminated them in January 1987 to protect its insurance program from unreasonable risk of large losses. Following termination, LTV negotiated with the United Steelworkers union to create new “follow-on” pension arrangements designed to provide benefits that participants lost due to termination. The PBGC objected to these arrangements as abusive of the insurance program, as they effectively allowed LTV to shift its pension liabilities to the PBGC while continuing to provide similar benefits. In September 1987, citing LTV’s follow-on plans and improved financial circumstances, the PBGC ordered restoration of the terminated plans under its authority in ERISA § 4047. LTV refused to comply, leading to litigation over the PBGC’s authority to restore the plans.
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