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The Bankruptcy Hotline
Pension Plan Terminations Must Be Considered in the Aggregate
Addressing an issue of first impression for the federal appeals courts, the Third Circuit has ruled that when an employer in Chapter 11 seeks to simultaneously terminate multiple pension plans under ERISA's reorganization test, the proper approach is to apply the test in the aggregate as opposed to considering the termination of each plan independently. In re Kaiser Aluminum Corp., No. 05-2695 (July 26).
Pursuant to their reorganization in Chapter 11, Kaiser Aluminum Corporation and 25 of its affiliates requested that the bankruptcy court approve the termination of six pension plans under the reorganization test set forth in ERISA ' 4041(c)(2)(B)(ii)(IV), 29 U.S.C. '1341(c)(2)(B)(ii)(IV)(2000). Applying the test to all six plans in the aggregate, the bankruptcy court found that their termination was required for the debtor to emerge from Chapter 11. The Pension Benefit Guaranty Corporation appealed, arguing the bankruptcy court should have applied the test on a plan-by-plan basis to each of the pension plans. Under this approach, the PBGC argued that some of pension plans would not fulfill the reorganization test, and therefore could not be terminated. The district court affirmed, however, and the PBGC again appealed.
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