Rehearing Sought After 6th Circuit OKs Pension Plan Termination

Mealey's (October 20, 2020, 9:46 AM EDT) -- CINCINNATI — Pension plan participants filed a petition on Oct. 15 seeking a rehearing or rehearing en banc after a Sixth Circuit U.S. Court of Appeals panel on Sept. 1 affirmed a district court’s ruling that Pension Benefit Guaranty Corp. (PBGC) properly terminated a salaried pension plan because a judicial adjudication under the Employee Retirement Income Security Act was not required prior to the termination of the plan and because the retirees failed to show that they have a property interest in their vested but unfunded pension benefits (Dennis Black, et al. v. Pension Benefit Guaranty Corp., No. 19-1419, 6th Cir.)....