POSNER, Circuit Judge.
This appeal from a decision upholding an arbitrator's award is about what happens when an employer withdraws from a multiemployer defined-benefits pension plan, as the appellee, CPC, did in 2005.
Multiemployer pension plans — which are governed, as single-employer plans are, by ERISA — are created by collective bargaining agreements to provide benefits to employees of many different firms. Thus they are found in industries...
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