Retirement plans in bankruptcy - who gets the assets

Article Abstract:

The Supreme Court's verdict in Patterson, Trustee v. Shumate is significant because it resolves several years' conflict at the appeals court level concerning the ownership of pension trust assets of a bankrupt company. The Court's decision, which held that the Employee Retirement Income Security Act was an applicable nonbankruptcy law, will enable members of qualified defined benefits plans to maintain their assets in the event of bankruptcy.

Bankruptcy Law, Other Justice, Public Order, and Safety Activities, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Pension & Welfare Benefit Prgrm, Interpretation and construction, United States. Supreme Court

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Multiemployer plans

Article Abstract:

A group of employees at the United Parcel Service of America Inc. (UPS) sued the New England Teamsters and Trucking Industry Pension Fund, a multiemployer plan, to transfer all UPS assets to a new fund that the employees were setting up. The trustees of the Teamsters Fund based their defense on the pension fund's 'no asset transfer' rule. The US Court of Appeals for the First Circuit ruled in favor of the trustees.

Courier Services, Security Guards and Patrol Services, Detective & armored car services, Delivery services, Express delivery services, United Parcel Service of America Inc.

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Pension plans - vouchers - noncash benefits - breach of fiduciary duty - failure to fund plan

Article Abstract:

The pronouncements in appeal before the US court of appeals for the Fifth Circuit in Musmeci et al. v. Schwegmann Giant Supermarkets, Inc. et al., 332 F.3d 339 (5th Cir. 2003) are discussed. These pronouncements clarify on definitions in ERISA pension plans regarding vouchers and noncash benefits, breach of fiduciary duty and failure to fund the retirement plan.

United States, Legal issues & crime, Supermarkets and Other Grocery (except Convenience) Stores, Grocery stores, Supermarkets, Legal/Government Regulation, Company legal issue, Employee benefits, United States. Court of Appeals for the 5th Circuit

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