4th Circuit: Accrued Rent Was Debt, May Reduce Withdrawal Liability

Mealey's (September 7, 2018, 10:18 AM EDT) -- RICHMOND, Va. — An arbitrator did not err in finding that a business’ accrued rent, owed to the owner of the building — a trust owned by the business’ president — was a bona fide debt for the purposes of withdrawal liability under the Employee Retirement Income Security Act, a Fourth Circuit U.S. Court of Appeals panel ruled Sept. 4 (Board of Trustees, Sheet Metal Workers’ National Pension Fund v. Lane & Roderick, Inc., No. 17-2205, 4th Cir., 2018 U.S. App. LEXIS 25044)....