PBGC Denied 2nd Cir. Redo Over Terminated Fund’s Bailout Bid

The Second Circuit declined to reconsider its decision allowing the trustees of a bakery drivers union pension fund to reinstate their application for a $130 million bailout from a Covid-19 era government program.

The court on Thursday denied the federal pension insurer’s request to have the case reheard. According to the Pension Benefit Guaranty Corporation, the appeals court’s April decision allowing trustees of a terminated pension plan to seek special financial assistance under the 2021 program conflicts with the “bedrock principle” that courts must enforce clear statutory language.

The lawsuit centers on the Bakery Drivers Local 550 and Industry Pension ...