pension
benefit
guaranty
ltv
argued
february
decided
june
title
iv
employee
retirement
income
security
act
erisa
includes
mandatory
government
insurance
program
protects
workers
participating
covered
pension
plans
termination
plans
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funds
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pay
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benefits
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petitioner
pension
benefit
guaranty
corporation
pbgc
responsible
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plans
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liabilities
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premiums
collected
employers
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plans
respondent
ltv
corporation
many
subsidiaries
collectively
ltv
filed
reorganization
petitions
bankruptcy
code
purpose
inter
alia
restructuring
pension
obligations
one
subsidiaries
three
chronically
underfunded
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plans
plans
two
voluntarily
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ltv
erisa
terms
resulted
negotiations
steelworkers
america
light
ltv
statement
longer
provide
complete
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sought
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termination
plans
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insurance
program
risk
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losses
district
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plans
ltv
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negotiated
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arrangements
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light
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plans
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undo
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case
determines
action
appropriate
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title
iv
ltv
refused
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filed
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action
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decision
upon
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pbgc
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appeals
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respects
arbitrary
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law
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apa
held
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decision
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law
pp
pbgc
failure
consider
discuss
policies
goals
underlying
federal
bankruptcy
labor
law
appeals
held
render
restoration
decision
arbitrary
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holding
reconciled
plain
language
direct
decision
public
interest
generally
rather
specifically
unambiguously
requires
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focus
erisa
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agency
action
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policy
explicitly
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number
agency
decisions
might
open
judicial
invalidation
light
numerous
federal
statutes
said
embody
countless
goals
also
pbgc
claim
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bankruptcy
areas
may
ill
equipped
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task
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pp
pbgc
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law
clear
congressional
intent
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decisions
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existence
plans
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text
embodies
broad
grant
authority
pbgc
legislative
history
erisa
amendments
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policy
based
permissible
construction
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policy
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reasonable
belief
employees
object
strenuously
company
original
termination
decision
plan
used
put
position
termination
availability
plan
thus
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employee
resistance
significant
check
termination
may
therefore
tend
frustrate
one
erisa
objectives
pbgc
supposed
accomplish
continuation
maintenance
voluntary
private
plans
addition
plans
tendency
increase
pbgc
deficit
employers
insurance
premiums
thereby
frustrating
related
erisa
objective
maintenance
low
premiums
although
employer
financial
improvement
may
relevant
restoration
decision
respondents
contend
permissible
consideration
rational
pbgc
disfavor
plans
suggestion
immediate
retermination
rendered
necessary
employers
financial
situation
pp
restoration
decision
case
rendered
arbitrary
capricious
use
inadequate
procedures
since
appeals
point
apa
erisa
provision
giving
ltv
procedural
rights
identified
appraisal
material
decision
based
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opportunity
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evidence
proceedings
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reasoning
applying
standards
holding
ran
afoul
vermont
yankee
nuclear
power
natural
resources
defense
council
moreover
since
suggestion
administrative
record
inadequate
enable
fulfill
duties
holding
finds
support
citizens
preserve
overton
park
volpe
ltv
aided
dictum
bowman
transportation
freight
system
party
entitled
know
issues
decision
turn
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material
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relies
decision
may
rebut
statement
made
context
formal
agency
adjudication
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apa
require
notice
factual
legal
matters
asserted
opportunity
submission
consideration
facts
arguments
opportunity
submit
proposed
findings
conclusions
exceptions
determination
however
lawfully
made
informal
adjudication
require
elements
pp
blackmun
delivered
opinion
rehnquist
brennan
marshall
scalia
kennedy
joined
white
joined
except
statement
judgment
white
filed
opinion
concurring
part
dissenting
part
joined
post
stevens
filed
dissenting
opinion
post
carol
connor
flowe
argued
cause
petitioner
briefs
james
armbruster
raymond
morgan
forster
thomas
martin
richard
willard
charles
cole
lewis
kaden
argued
cause
respondents
brief
respondents
ltv
corporation
et
al
karen
wagner
michael
crames
marc
abrams
frank
cummings
robin
phelan
kathryn
mallory
filed
brief
respondent
banctexas
dallas
joel
zweibel
geoffrey
kalmus
michael
dell
peter
pantaleo
filed
brief
respondent
ltv
bank
group
king
kenneth
bruce
filed
brief
respondents
david
miller
et
al
edgar
booth
richard
kuh
mary
zitwer
filed
brief
respondent
official
committee
equity
security
holders
leonard
rosen
lawrence
king
theodore
gewertz
harold
novikoff
brian
cogan
mark
speiser
filed
brief
respondent
official
committee
unsecured
creditors
ltv
steel
company
william
roberts
raymond
shapiro
thomas
biron
william
taylor
iii
ann
laupheimer
filed
brief
respondent
official
parent
creditors
committee
ltv
corporation
briefs
amici
curiae
urging
reversal
filed
solicitor
general
starr
deputy
solicitor
general
shapiro
christopher
wright
american
society
pension
actuaries
chester
salkind
armco
et
al
benjamin
civiletti
warren
hamel
retired
employees
benefits
coalition
bruce
davis
briefs
amici
curiae
urging
affirmance
filed
state
ohio
anthony
celebrezze
attorney
general
loren
braverman
american
federation
labor
congress
industrial
organizations
et
al
robert
weinberg
jeremiah
collins
peter
shinevar
laurence
gold
bernard
kleiman
carl
frankel
paul
whitehead
karin
feldman
william
kilberg
baruch
fellner
filed
brief
steel
amicus
curiae
justice
blackmun
delivered
opinion
case
must
determine
whether
decision
pension
benefit
guaranty
corporation
pbgc
restore
certain
pension
plans
employee
retirement
income
security
act
erisa
stat
amended
stat
appeals
concluded
arbitrary
capricious
contrary
law
within
meaning
administrative
procedure
act
apa
petitioner
pbgc
wholly
owned
government
corporation
see
modeled
federal
deposit
insurance
corporation
see
cong
rec
statement
bentsen
board
directors
pbgc
consists
secretaries
treasury
labor
commerce
pbgc
administers
enforces
title
iv
erisa
title
iv
includes
mandatory
government
insurance
program
protects
pension
benefits
million
american
workers
participate
plans
covered
title
enacting
title
iv
congress
sought
ensure
employees
beneficiaries
completely
deprived
anticipated
retirement
benefits
termination
pension
plans
sufficient
funds
accumulated
plans
pension
benefit
guaranty
corporation
gray
see
also
nachman
pension
benefit
guaranty
corporation
plan
covered
title
iv
terminates
insufficient
assets
satisfy
pension
obligations
employees
pbgc
becomes
trustee
plan
taking
plan
assets
liabilities
pbgc
uses
plan
assets
cover
benefit
obligations
see
ed
supp
iv
pbgc
must
add
funds
ensure
payment
remaining
nonforfeitable
benefits
benefits
participants
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entitlement
plan
terms
date
termination
erisa
place
limits
benefits
pbgc
may
guarantee
upon
plan
termination
however
even
employee
entitled
greater
benefits
terms
plan
see
cfr
app
addition
benefit
increases
resulting
plan
amendments
adopted
within
five
years
termination
paid
full
finally
active
plan
participants
current
employees
cease
earn
additional
benefits
plan
upon
termination
lose
entitlement
benefits
yet
fully
earned
date
plan
termination
cfr
cost
pbgc
insurance
borne
primarily
employers
maintain
ongoing
pension
plans
sections
erisa
require
employers
pay
annual
premiums
see
ed
supp
iv
insurance
program
also
financed
statutory
liability
imposed
employers
terminate
underfunded
pension
plans
upon
termination
employer
becomes
liable
pbgc
benefits
pbgc
pay
pbgc
historically
recovered
small
portion
liability
congress
repeatedly
forced
increase
annual
premiums
even
increases
pbgc
recent
annual
report
noted
liabilities
billion
assets
billion
leaving
deficit
billion
noted
plan
termination
insurable
event
title
iv
plans
may
terminated
voluntarily
employer
involuntarily
pbgc
employer
may
terminate
plan
voluntarily
one
two
ways
may
proceed
standard
termination
sufficient
assets
pay
benefit
commitments
standard
termination
thus
implicate
pbgc
insurance
responsibilities
employer
wishes
terminate
plan
whose
assets
insufficient
pay
benefits
employer
must
demonstrate
financial
distress
defined
supp
iv
neither
standard
distress
termination
employer
however
permitted
termination
violate
terms
existing
agreement
pbgc
though
may
terminate
plan
involuntarily
notwithstanding
existence
agreement
ibid
section
erisa
provides
pbgc
may
terminate
plan
whenever
determines
plan
met
minimum
funding
standard
required
section
title
notified
secretary
treasury
notice
deficiency
section
title
mailed
respect
tax
imposed
section
title
plan
unable
pay
benefits
due
reportable
event
described
section
title
occurred
possible
loss
pbgc
respect
plan
may
reasonably
expected
increase
unreasonably
plan
terminated
case
plan
terminated
section
title
pbgc
authorized
case
determines
action
appropriate
consistent
duties
subchapter
take
action
may
necessary
restore
plan
pretermination
status
including
limited
transfer
employer
plan
administrator
control
part
remaining
assets
liabilities
plan
ii
case
arose
respondent
ltv
corporation
ltv
many
subsidiaries
including
ltv
steel
company
ltv
steel
collectively
ltv
july
filed
petitions
reorganization
chapter
bankruptcy
code
time
ltv
steel
sponsor
three
defined
benefit
pension
plans
plans
covered
title
iv
erisa
two
plans
products
negotiations
steelworkers
america
steelworkers
third
nonunion
salaried
employees
chronically
underfunded
plans
late
unfunded
liabilities
promised
benefits
almost
billion
approximately
billion
amount
covered
pbgc
insurance
undisputed
one
ltv
principal
goals
filing
chapter
petitions
restructuring
ltv
steel
pension
obligations
goal
accomplished
plans
terminated
responsibility
unfunded
liabilities
placed
pbgc
ltv
steel
negotiate
employees
new
pension
arrangements
ltv
however
voluntarily
terminate
plans
two
negotiated
collective
bargaining
ltv
therefore
sought
pbgc
terminate
plans
end
ltv
advised
pbgc
continue
provide
complete
funding
plans
pbgc
estimated
without
continued
funding
plans
billion
underfunding
increase
much
million
december
another
million
december
unless
plans
terminated
moreover
extensive
plant
shutdowns
anticipated
shutdowns
occurred
plans
terminated
required
payment
significant
shutdown
benefits
pbgc
estimated
benefits
increase
plans
liabilities
much
million
million
million
covered
pbgc
insurance
confronted
information
pbgc
invoking
erisa
determined
plans
terminated
order
protect
insurance
program
unreasonable
risk
large
losses
commenced
termination
proceedings
district
ltv
consent
plans
terminated
effective
january
plans
participants
lost
benefits
result
termination
steelworkers
filed
adversary
action
ltv
bankruptcy
challenging
termination
seeking
order
directing
ltv
make
lost
benefits
action
settled
ltv
steelworkers
negotiating
interim
agreement
included
new
pension
arrangements
intended
make
benefits
plan
participants
lost
result
termination
new
payments
retirees
based
explicitly
upon
percentage
difference
benefit
paid
prior
plans
amount
paid
pbgc
app
retired
participants
thereby
placed
substantially
positions
occupied
old
plans
never
terminated
new
agreements
respecting
active
participants
also
designed
replace
benefits
old
plans
insured
pbgc
early
retirement
benefits
shutdown
benefits
respect
shutdown
benefits
ltv
stated
bankruptcy
new
benefits
totaled
benefits
lost
result
plan
termination
respect
kinds
benefits
active
participants
new
arrangements
provided
lost
benefits
pbgc
objected
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pension
agreements
characterizing
plans
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plan
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benefit
arrangement
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wrap
around
insurance
benefits
provided
pbgc
way
provide
retirees
active
participants
substantially
benefits
received
termination
occurred
pbgc
policy
plans
stems
agency
belief
plans
abusive
insurance
program
result
pbgc
subsidizing
employer
ongoing
pension
program
way
contemplated
title
iv
pbgc
consistently
made
clear
policy
using
restoration
powers
employer
institutes
abusive
plan
three
opinion
letters
two
one
pbgc
stated
termination
insurance
program
title
iv
intended
subsidize
employer
ongoing
retirement
program
app
pet
cert
accordingly
pbgc
indicated
employer
adopts
new
plan
together
guaranteed
benefits
paid
pbgc
terminated
plan
provide
payment
accrual
eligibility
benefits
substantially
provided
terminated
plan
app
pbgc
view
plan
attempt
shift
liability
termination
insurance
program
continuing
operate
plan
ltv
ignored
pbgc
objections
new
pension
arrangements
asked
bankruptcy
permission
fund
plans
bankruptcy
granted
ltv
request
however
noted
pbgc
may
legal
options
avenues
assert
administratively
implement
policy
goals
nothing
done
tonight
precludes
pbgc
pursuing
options
early
august
pbgc
determined
financial
factors
relied
terminating
plans
changed
significantly
particular
significance
pbgc
belief
steel
industry
including
ltv
steel
experiencing
dramatic
turnaround
result
pbgc
concluded
longer
faced
imminent
risk
central
original
termination
decision
large
unfunded
liabilities
stemming
plant
shutdowns
later
month
pbgc
internal
working
group
made
recommendation
based
upon
ltv
improved
financial
circumstances
plans
pbgc
executive
director
restore
plans
pbgc
powers
consulting
pbgc
board
directors
agreed
working
group
restoration
appropriate
executive
director
decided
restore
plans
director
issued
notice
restoration
september
indicating
pbgc
intent
restore
terminated
plans
pbgc
notice
explained
restoration
decision
based
ltv
establishment
retirement
program
results
abuse
pension
plan
termination
insurance
system
established
title
iv
erisa
ltv
improved
financial
circumstances
see
app
pet
cert
restoration
meant
plans
ongoing
ltv
responsible
administering
funding
ltv
refused
comply
restoration
decision
prompted
pbgc
initiate
enforcement
action
district
vacated
pbgc
restoration
decision
finding
among
things
pbgc
exceeded
authority
see
chateaugay
sdny
appeals
second
circuit
affirmed
holding
pbgc
restoration
decision
arbitrary
capricious
contrary
law
apa
various
ways
first
concluded
pbgc
action
arbitrary
capricious
pbgc
focused
inordinately
erisa
exclusion
laws
found
agency
policy
contrary
law
legislative
history
section
reveals
indication
congress
intended
establishment
successive
benefit
plans
ground
restoration
also
found
pbgc
basis
restoration
improved
financial
condition
inadequate
pbgc
explain
many
economic
assumptions
finally
concluded
agency
restoration
decision
arbitrary
capricious
pbgc
decisionmaking
process
informal
adjudication
lacked
adequate
procedural
safeguards
significant
administrative
law
questions
raised
case
importance
pbgc
insurance
program
granted
certiorari
iii
appeals
first
held
restoration
decision
arbitrary
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pbgc
take
account
areas
law
deemed
relevant
restoration
decision
expressed
view
ecause
erisa
bankruptcy
labor
law
involved
case
hand
must
showing
administrative
record
pbgc
reaching
decision
considered
areas
law
extent
possible
honored
policies
underlying
concluded
administrative
record
reflect
thorough
explicit
consideration
pbgc
policies
goals
three
bodies
law
put
pbgc
focused
inordinately
erisa
ibid
appeals
hold
pbgc
decision
actually
conflicted
provision
bankruptcy
labor
laws
pbgc
action
trench
ed
upon
jurisdiction
another
agency
see
burlington
truck
lines
rather
held
labor
law
bankruptcy
law
involved
case
hand
pbgc
affirmative
obligation
met
address
pbgc
contends
appeals
misapplied
general
rule
agency
must
take
consideration
relevant
factors
see
citizens
preserve
overton
park
volpe
requiring
agency
explicitly
consider
discuss
labor
bankruptcy
law
agree
first
important
think
requirement
imposed
appeals
upon
pbgc
reconciled
plain
language
pbgc
operating
case
section
gives
pbgc
power
restore
terminated
plans
case
pbgc
determines
action
appropriate
consistent
duties
title
title
iv
erisa
emphasis
added
statute
direct
pbgc
make
restoration
decisions
public
interest
generally
rather
empowers
agency
restore
restoration
interests
title
iv
erisa
designed
protect
given
specific
unambiguous
statutory
mandate
think
pbgc
focus
inordinately
erisa
making
restoration
decision
even
congress
directive
pbgc
clear
entirely
sure
appeals
holding
makes
good
sense
general
principle
administrative
law
pbgc
points
problems
arise
federal
courts
routinely
require
agency
take
explicit
account
public
policies
derive
federal
statutes
agency
enabling
act
begin
numerous
federal
statutes
said
embody
countless
policies
agency
action
may
disturbed
whenever
reviewing
able
point
arguably
relevant
statutory
policy
explicitly
considered
large
number
agency
decisions
might
open
judicial
invalidation
appeals
directive
pbgc
give
effect
policies
goals
statutes
apart
statutes
actually
provide
questionable
another
reason
well
pbgc
claim
expertise
labor
bankruptcy
areas
may
ill
equipped
undertake
difficult
task
discerning
applying
policies
goals
fields
recently
observed
legislation
pursues
purposes
costs
deciding
competing
values
sacrificed
achievement
particular
objective
essence
legislative
choice
frustrates
rather
effectuates
legislative
intent
simplistically
assume
whatever
furthers
statute
primary
objective
must
law
rodriguez
appeals
also
rejected
grounds
restoration
pbgc
assert
discuss
found
first
ground
pbgc
proffered
support
restoration
policy
plans
contrary
law
indication
text
restoration
provision
legislative
history
congress
intended
pbgc
use
successive
benefit
plans
basis
restoration
pbgc
argues
reaching
conclusion
appeals
departed
traditional
principles
statutory
interpretation
judicial
review
agency
construction
statutes
must
agree
chevron
natural
resources
defense
council
set
forth
general
principles
applied
federal
courts
review
agency
interpretation
statute
implements
reviews
agency
construction
statute
administers
confronted
two
questions
first
always
question
whether
congress
directly
spoken
precise
question
issue
intent
congress
clear
end
matter
well
agency
must
give
effect
unambiguously
expressed
intent
congress
however
determines
congress
directly
addressed
precise
question
issue
simply
impose
construction
statute
necessary
absence
administrative
interpretation
rather
statute
silent
ambiguous
respect
specific
issue
question
whether
agency
answer
based
permissible
construction
statute
footnotes
omitted
turning
first
half
inquiry
observe
text
evince
clear
congressional
intent
deprive
pbgc
ability
base
restoration
decisions
existence
plans
contrary
textual
grant
authority
pbgc
embodied
section
broad
noted
section
authorizes
pbgc
restore
terminated
plans
case
pbgc
determines
action
appropriate
consistent
duties
title
iv
erisa
pbgc
duties
consist
primarily
furthering
statutory
purposes
title
iv
identified
congress
encourage
continuation
maintenance
voluntary
private
pension
plans
benefit
participants
provide
timely
uninterrupted
payment
pension
benefits
participants
beneficiaries
plans
subchapter
applies
maintain
premiums
established
pbgc
section
title
lowest
level
consistent
carrying
obligations
subchapter
traditional
tools
statutory
construction
compel
conclusion
congress
intended
pbgc
base
restoration
decisions
plans
appeals
relied
extensively
passages
legislative
history
enactment
erisa
suggest
congress
considered
financial
recovery
valid
basis
restoration
make
mention
plans
reasoned
among
bases
restoration
discussed
members
congress
body
must
intended
existence
reason
restoring
pension
plans
see
agree
conclusion
first
note
discussion
legislative
history
concerning
grounds
restoration
limited
example
house
conference
report
indicated
restoration
appropriate
financial
recovery
factor
made
termination
longer
advisable
conf
moreover
generally
language
statute
particularly
language
expressly
granting
agency
broad
authority
regarded
modified
examples
set
forth
legislative
history
example
illustration
statute
operation
practice
appeals
apparently
thought
definitive
interpretation
statute
scope
see
suggestion
legislative
history
congress
intended
list
examples
exhaustive
circumstances
conclude
erisa
legislative
history
suggest
clear
congressional
intent
question
plans
appeals
also
relied
legislative
history
amendments
erisa
effected
pension
protection
act
pub
stat
see
history
reveals
congress
considered
enact
provision
expressly
authorized
pbgc
prohibit
plans
subsequent
legislative
history
hazardous
basis
inferring
intent
earlier
congress
price
particularly
dangerous
ground
rest
interpretation
prior
statute
concerns
proposal
become
law
see
wise
congressional
inaction
lacks
persuasive
significance
several
equally
tenable
inferences
may
drawn
inaction
including
inference
existing
legislation
already
incorporated
offered
change
ibid
admonitions
especially
apt
instant
case
congress
aware
action
taken
pbgc
respect
ltv
time
rejected
proposed
amendment
see
pt
pp
despite
congress
awareness
pbgc
belief
adoption
plans
ground
restoration
congress
amend
restrict
pbgc
discretion
conclusion
congress
thought
pbgc
properly
exercising
authority
least
plausible
thus
legislative
history
surrounding
amendments
provides
support
legislative
history
appeals
holding
pbgc
interpretation
contravened
clear
congressional
determined
pbgc
construction
contrary
clear
congressional
intent
still
must
ascertain
whether
agency
policy
based
upon
permissible
construction
statute
construction
rational
consistent
statute
nlrb
food
commercial
workers
see
also
sullivan
everhart
respondents
argue
pbgc
policy
irrational
practical
matter
purpose
served
pbgc
bases
restoration
decision
something
improved
financial
health
employer
according
respondents
financial
improvement
necessary
sufficient
condition
restoration
agency
asserted
abuse
policy
logically
irrelevant
restoration
decision
brief
respondents
ltv
ltv
steel
emphasis
added
think
pbgc
policy
premised
belief
find
eminently
reasonable
employees
object
strenuously
company
original
decision
terminate
plan
take
financial
steps
make
termination
likely
company
use
plan
put
employees
similar
position
termination
availability
plan
thus
remove
significant
check
employee
resistance
termination
pension
plan
consequently
plans
may
tend
frustrate
one
objectives
erisa
pbgc
supposed
accomplish
continuation
maintenance
voluntary
private
pension
plans
addition
plans
tendency
increase
pbgc
deficit
increase
insurance
premiums
employers
must
pay
thereby
frustrating
another
related
statutory
objective
maintenance
low
premiums
see
short
pbgc
construction
based
upon
conclusion
existence
plans
lead
plan
terminations
increased
pbgc
liabilities
assuredly
permissible
one
everhart
indeed
judgments
way
real
world
works
gone
pbgc
policy
precisely
kind
agencies
better
equipped
make
courts
practical
agency
expertise
one
principal
justifications
behind
chevron
deference
see
none
say
financial
improvement
never
relevant
restoration
decision
indeed
employer
financial
situation
remains
dire
restoration
lead
inevitably
immediate
retermination
pbgc
may
decide
restore
terminated
plan
even
employer
instituted
plan
present
purposes
however
enough
us
decide
suggestion
immediate
retermination
plans
necessary
rational
pbgc
disfavor
plans
finally
consider
appeals
ruling
agency
procedures
inadequate
particular
case
relying
upon
passage
bowman
transportation
freight
system
held
pbgc
decision
arbitrary
capricious
pbgc
neither
apprised
ltv
material
base
decision
gave
ltv
adequate
opportunity
offer
contrary
evidence
proceeded
accordance
ascertainable
standards
provided
ltv
statement
showing
reasoning
applying
standards
suggested
remand
agency
required
things
pbgc
argues
holding
conflicts
vermont
yankee
nuclear
power
natural
resources
defense
council
pbgc
contends
made
clear
due
process
clause
implicated
agency
governing
statute
contains
specific
procedural
mandates
apa
establishes
maximum
procedural
requirements
reviewing
may
impose
agencies
although
vermont
yankee
concerned
additional
procedures
imposed
appeals
district
columbia
circuit
atomic
energy
commission
agency
engaging
informal
rulemaking
pbgc
argues
informal
adjudication
process
restoration
decision
made
governed
principles
respondents
counter
arguing
courts
circumstances
require
agencies
undertake
additional
procedures
support
proposition
rely
citizens
preserve
overton
park
volpe
overton
park
concluded
secretary
transportation
post
hoc
rationalizations
regarding
decision
authorize
construction
highway
provide
dequate
basis
judicial
review
purposes
apa
accordingly
directed
district
remand
consider
evidence
shed
light
secretary
reasoning
time
made
decision
particular
relevance
present
purposes
overton
park
intimated
one
recourse
district
might
remand
agency
fuller
explanation
agency
reasoning
time
agency
action
see
subsequent
cases
made
clear
remanding
agency
fact
preferred
course
see
florida
power
light
lorion
reviewing
simply
evaluate
challenged
agency
action
basis
record
proper
course
except
rare
circumstances
remand
agency
additional
investigation
explanation
respondents
contend
instant
case
controlled
overton
park
rather
vermont
yankee
appeals
ruling
thus
correct
believe
respondents
argument
wide
mark
begin
noting
although
one
initially
might
feel
tension
vermont
yankee
overton
park
two
cases
necessarily
inconsistent
vermont
yankee
stands
general
proposition
courts
free
impose
upon
agencies
specific
procedural
requirements
basis
apa
see
overton
park
suggests
directs
ensure
agency
action
arbitrary
capricious
otherwise
contrary
law
imposes
general
procedural
requirement
sorts
mandating
agency
take
whatever
steps
needs
provide
explanation
enable
evaluate
agency
rationale
time
decision
unlike
overton
park
appeals
suggest
administrative
record
inadequate
enable
fulfill
duties
rather
support
ruling
focused
fundamental
fairness
ltv
possible
exception
absence
ascertainable
standards
exactly
sure
appeals
meant
procedural
inadequacies
cited
relate
ltv
role
pbgc
decisionmaking
process
point
provision
erisa
apa
gives
ltv
procedural
rights
identified
thus
holding
runs
afoul
vermont
yankee
finds
support
overton
park
case
appeals
relied
contrary
statement
relied
upon
dictum
said
party
entitled
course
know
issues
decision
turn
apprised
factual
material
agency
relies
decision
may
rebut
statement
entirely
correct
context
involved
formal
adjudication
interstate
commerce
commission
pursuant
procedures
set
forth
apa
include
requirements
parties
given
notice
matters
fact
law
asserted
opportunity
submission
consideration
facts
arguments
opportunity
submit
proposed
findings
conclusions
exceptions
see
stat
stat
formerly
codified
ed
repealed
stat
stat
determination
case
however
lawfully
made
informal
adjudication
minimal
requirements
set
forth
apa
include
elements
failure
provide
due
process
clause
require
asserted
therefore
unlawful
iv
conclude
pbgc
failure
consider
potentially
relevant
areas
law
render
restoration
decision
arbitrary
capricious
also
conclude
pbgc
policy
asserted
basis
restoration
decision
contrary
clear
congressional
intent
based
permissible
construction
finally
find
procedures
employed
pbgc
consistent
apa
accordingly
judgment
appeals
reversed
case
remanded
proceedings
consistent
opinion
ordered
footnotes
prior
employers
liable
pbgc
expenditures
year
congress
eliminated
cap
see
pension
protection
act
pub
stat
steelworkers
appealed
district
judgment
giving
effect
pbgc
termination
appeals
second
circuit
affirmed
jones
laughlin
hourly
pension
plan
ltv
thereafter
executive
director
offered
meet
ltv
consider
additional
information
might
wish
supply
app
representatives
ltv
pbgc
met
september
meetings
ltv
officials
expressed
concern
timing
restoration
decision
indicated
restoration
give
rise
litigation
cast
doubt
bankruptcy
reorganization
thereby
imposing
hardship
creditors
pbgc
also
gave
third
reason
restoration
ltv
demonstrated
willingness
fund
employee
retirement
arrangements
see
app
pet
cert
appeals
second
circuit
pbgc
conceded
reason
independent
basis
restoration
decision
rather
subsumed
two
grounds
see
accordingly
appeals
address
explanation
restoration
neither
meanwhile
ltv
filed
action
bankruptcy
alleging
restoration
violate
automatic
stay
provision
bankruptcy
code
see
district
granted
pbgc
motion
withdraw
ltv
action
bankruptcy
pursuant
considered
two
actions
together
see
chateaugay
sdny
worth
noting
provisions
erisa
take
account
areas
federal
law
example
noted
employer
may
voluntarily
terminate
plan
violate
terms
agreement
justice
stevens
suggests
possibility
plans
make
employees
less
likely
object
financial
steps
lead
involuntary
plan
termination
basis
belief
union
insist
adoption
plans
perhaps
years
later
pbgc
involuntarily
terminates
plan
post
dissenting
opinion
reason
believe
however
financial
decisions
lead
involuntary
termination
always
ordinarily
occur
far
advance
termination
thus
justice
stevens
acknowledges
respect
voluntary
termination
object
events
resulting
involuntary
termination
may
also
reasonably
assured
receiving
benefits
insurance
paid
ibid
moreover
even
involuntary
termination
occur
well
financial
decisions
lead
termination
made
think
pbgc
apparent
belief
employee
resistance
financial
decisions
lessened
degree
prospect
plans
termination
unreasonable
one
example
pbgc
restore
fourth
ltv
plan
terminated
among
things
plan
insufficient
assets
pay
benefits
due
app
respect
observe
notice
restoration
pbgc
relied
potential
pbgc
liability
see
pbgc
conclude
plans
imminent
danger
ltv
meet
statutory
requirements
fact
pbgc
observed
notice
ltv
sufficient
cash
cover
current
benefits
see
app
pet
cert
party
suggested
time
restoration
immediate
retermination
either
voluntary
involuntary
likely
like
appeals
read
pbgc
notice
restoration
indicating
pbgc
policy
constitutes
independent
ground
restoration
decision
need
address
ruling
pbgc
methodology
regard
asserted
basis
restoration
improved
financial
condition
flawed
justice
white
justice
joins
concurring
part
dissenting
part
join
opinion
except
statement
judgment
particular
agree
policy
issue
contrary
statute
pbgc
prohibited
applying
policy
basis
restoration
case
unlike
however
read
notice
restoration
relying
policy
respondents
alleged
improved
financial
position
alternative
independent
grounds
restoration
notice
read
clearly
rested
grounds
conjunction
furthermore
make
good
sense
rely
improved
financial
position
without
risk
early
retermination
plan
least
serious
doubt
matter
appeals
correct
pbgc
assessment
respondents
financial
position
inadequate
think
case
remanded
agency
consider
whether
plan
provides
sufficient
grounds
restoration
order
realize
pbgc
represented
oral
argument
relied
policy
respondents
improved
financial
condition
separate
independent
grounds
restoration
tr
oral
arg
counsel
post
hoc
rationalizations
substitute
adequate
action
agency
see
motor
vehicle
mfrs
assn
state
farm
mutual
automobile
insurance
may
pbgc
restoration
order
upheld
even
though
agency
might
reach
result
remand
relying
policy
agency
action
must
measured
might
done
agency
action
upheld
merely
findings
might
made
considerations
disclosed
justify
order
appropriate
safeguard
interests
protected
act
sec
chenery
therefore
reverse
appeals
part
affirm
part
remand
directions
return
case
pbgc
justice
stevens
dissenting
opinion
least
respect
erisa
plans
pbgc
terminated
involuntarily
use
restoration
power
prohibit
plans
contrary
agency
statutory
mandate
unless
sufficient
improvement
ltv
financial
condition
justify
restoration
order
believe
set
aside
therefore
remand
case
determination
whether
ground
agency
decision
adequately
supported
record
company
undergoing
reorganization
chapter
bankruptcy
code
continues
operate
ongoing
business
must
satisfactory
relationship
work
force
order
complete
reorganization
process
successfully
previous
pension
plans
involuntarily
terminated
consequence
pbgc
assumed
responsibility
discharging
significant
share
company
pension
obligations
responsibility
pbgc
important
resource
company
right
rely
reorganization
process
may
use
financial
cushion
fund
capital
investments
pay
current
salary
satisfy
contractual
obligations
including
obligation
pay
pension
benefits
long
company
uses
best
efforts
complete
reorganization
incidentally
reimburse
pbgc
payments
made
former
employees
extent
required
erisa
pbgc
reason
interfere
managerial
decisions
company
makes
bankruptcy
approves
whether
company
resources
dedicated
current
expenditures
capital
investments
whether
package
employee
benefits
provided
work
force
composed
entirely
wages
vacation
pay
health
insurance
one
hand
includes
additional
pension
benefits
matters
indifference
pbgc
indeed
faithful
statement
congressional
purposes
erisa
see
ante
favor
alternative
increases
company
use
maintenance
pension
plans
provides
continued
payment
existing
plan
beneficiaries
plans
opinion
wholly
consistent
purposes
erisa
according
pbgc
policy
premised
belief
company
adopt
plan
employees
object
strenuously
case
voluntary
termination
company
original
decision
terminate
plan
case
involuntary
termination
company
decision
take
financial
steps
make
termination
likely
ante
belief
might
justified
case
voluntary
termination
erisa
plan
since
plan
adopted
immediately
plan
termination
object
insurable
event
also
reasonably
assured
receiving
benefits
insurance
paid
view
wholly
unwarranted
however
case
involuntary
termination
insurable
event
plan
termination
within
control
pbgc
presumably
determined
company
financial
resources
meet
current
pension
obligations
even
company
adopt
plan
employees
less
likely
object
financial
steps
lead
plan
termination
basis
belief
union
insist
course
perhaps
years
later
pbgc
involuntarily
terminates
plan
safety
comes
healthy
pension
plan
overcome
hope
future
union
remember
interests
retirees
former
employees
plan
restoration
circumstances
legitimate
curative
problem
moral
hazard
rather
constitutes
punishment
labor
management
imprudence
predecessors
case
involuntary
termination
mistake
financial
analysis
made
sufficient
change
financial
condition
company
justify
reinstatement
company
obligation
pbgc
use
restoration
powers
without
financial
justification
however
nothing
statute
authorize
pbgc
use
power
prevent
company
creating
maintaining
kind
employee
benefit
program
statute
enacted
encourage
accordingly
respectfully
dissent
time
termination
ltv
plans
pbgc
entitled
recover
percent
amounts
expended
discharge
ltv
pension
obligations
statute
since
amended
authorize
percent
recovery
ltv
represents
restoration
order
upheld
seems
highly
probable
promptly
followed
another
termination
pbgc
bankruptcy
claim
increase
billion
billion
brief
respondents
ltv
ltv
steel
pbgc
course
assert
change
justification
restoration
order
three
opinion
letters
identifying
pbgc
policy
concerning
plans
involved
voluntary
terminations
see
app
pet
cert
restoration
order
entered
case
unprecedented