Opinion for the court filed by Circuit Judge TAMM.
Opinion dissenting in part filed by Circuit Judge WALD.
TAMM, Circuit Judge:
On May 7, 1979, appellants brought this action in district court seeking to recover certain pension benefits. Appellants alleged that the federal agency, Pension Benefit Guaranty Corporation (PBGC), was arbitrary and capricious in deciding that their pension plan was not eligible for federal insurance coverage under the Employee...
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