Court rules PBGC needs a court order to close a pension plan

10/28/2013 |

The U.S. District Court for the Eastern District of Pennsylvania ruled that the Pension Benefit Guaranty Corp. must first obtain a court order before it forces a pension plan to terminate. The PBGC argued its action to shut down the pension plan of Saint-Gobain Containers was an "informal adjudication" under the Administrative Procedure Act, but the court disagreed.

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