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STEPNOWSKI v. C.I.R.

No. 05-3665.

456 F.3d 320 (2006)

Charles P. STEPNOWSKI, Appellant v. COMMISSIONER OF INTERNAL REVENUE; Hercules Incorporated.

United States Court of Appeals, Third Circuit.

Opinion filed July 27, 2006.

Attorney(s) appearing for the Case

Mervin M. Wilf, Esquire (Argued), Mervin M. Wilf, Ltd., Philadelphia, PA, for Appellant.

Eileen J. O'Connor, Assistant Attorney General, Kenneth L. Greene, Esquire, Steven W. Parks, Esquire (Argued), United States Department of Justice Tax Division, Washington, DC, David S. Fryman, Esquire (Argued), Brian M. Pinheiro, Esquire, Ballard Spahr Andrews & Ingersoll, Philadelphia, PA, for Appellees.

Before AMBRO, FUENTES and NYGAARD, Circuit Judges.

AMBRO, Circuit Judge.

Congress changed the applicable interest rate for the present-value calculation of pension plans' lump-sum payments to retirees. Hercules Inc. later amended its pension plan to match the changed interest rate, but that amendment resulted in a lower lump-sum payment to Charles Stepnowski, who retired several months after the amendment. To determine whether Hercules' amendment was valid, we decide whether the Commissioner of the Internal Revenue...

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