What is the liability of an employer that withdraws from participation in a pension plan?
The following excerpt is from Bd. of Trs. of MEBA Pension Tr. v. CG Ry., LLC (In re Int'l Shipholding Corp.), Adv. Pro. No. 19-01006 (SMB), Case No. 16-12220 (SMB) (Bankr. S.D.N.Y. 2021):
Withdrawal liability is not limited to the employer that withdraws from participation in the pension plan. All companies under common control are deemed to be a single employer, 29 U.S.C. 1301(b), are jointly and severally liable for the withdrawal liability, see ILGWU Nat'l Retirement Fund v. Gramercy Mills, Inc., No. 90 Civ. 3552 (DNE), 1994 WL 592226, at *1 (S.D.N.Y. Oct. 26, 1994), and the notice and
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