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Administrative Law Keyed to Aman
Pension Benefit Guaranty Corp. v. LTV Corp.
Citation:
496 U.S. 633, 110 S.Ct. 2668, 110 L.Ed.2d 579 (1990)Facts
LTV Corporation and its subsidiaries filed for Chapter 11 bankruptcy reorganization in July 1986. At that time, LTV Steel sponsored three chronically underfunded defined benefit pension plans with unfunded liabilities of almost $2.3 billion. The PBGC terminated these plans in January 1987 with LTV’s consent, assuming responsibility for the plans’ assets and liabilities. After termination, LTV negotiated with the United Steelworkers union to establish new “follow-on” pension arrangements designed to provide benefits that, when combined with PBGC payments, would place retirees in substantially the same position they would have occupied had the original plans never been terminated. The PBGC objected to these arrangements as an abuse of the insurance program. In September 1987, citing both LTV’s establishment of follow-on plans and its improved financial circumstances, the PBGC ordered restoration of the terminated plans under §4047 of ERISA. LTV refused to comply, and litigation ensued. The lower courts ruled against the PBGC, finding its restoration decision arbitrary and capricious.
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