CARTER v. PENSION PLAN OF A. FINKL & SONS CO.

No. 10-3287.

654 F.3d 719 (2011)

Kenneth A. CARTER, et al., Plaintiffs-Appellants, v. PENSION PLAN OF A. FINKL & SONS COMPANY FOR ELIGIBLE OFFICE EMPLOYEES, et al., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided August 15, 2011.

Rehearing En Banc Denied September 21, 2011.


Attorney(s) appearing for the Case

Arthur G. Jaros, Jr. (argued), Attorney, Oak Brook, IL, for Plaintiffs-Appellants.

James P. McElligott, Jr. (argued), Attorney, McGuirewoods, LLP, Richmond, VA, for Defendants-Appellees.

Israel Goldowitz , Attorney, Pension Benefit Guaranty Corporation, Office of the Chief Counsel, Washington, DC, Amicus Curiae.

Before MANION, WOOD, and WILLIAMS, Circuit Judges.


MANION, Circuit Judge.

When a qualified pension plan decides to terminate, it must follow a careful and exacting process that ends with the plan purchasing annuities for all its beneficiaries from a third-party private insurance company. The A. Finkl & Sons Pension Plan decided to voluntarily terminate, but after going through some extensive initial steps, it realized that it would be too expensive and formally withdrew...

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