Agency Reach Includes Yellow Pensions Post-Chevron, PBGC Says

A federal private pension insurer has leaned on language from the US Supreme Court’s new Loper Bright Enterprises. v. Raimondo ruling to argue it’s allowed to impose conditions on bankrupt Yellow Corp. as the trucking company is asked to pay vested worker benefits.

The Pension Benefit Guaranty Corporation has specific discretion under the Employee Retirement Income Security Act to place conditions on distressed pension plans receiving government bailout money, the agency said in a July 12 filing in Delaware federal court.

That discretion survived the high court’s June 28 decision to overturn the Chevron doctrine, which had required judges ...