March 21, 2014 - New York City
Josh Gotbaum is the Director of the Pension Benefit Guaranty Corporation (PBGC), created as part of the 1974 Employee Retirement Income Security Act (ERISA) to protect defined benefit pension plans.
In this forum, Mr. Gotbaum discussed the crisis facing pension plans, both in and out of bankruptcy. With defined benefit plans disappearing due to underfunding and bankruptcy proceedings, and more employers offering only defined contribution plans like 401(K)s, retirees are increasingly at risk.
Mr. Gotbaum focused on three areas:
- Should ERISA be amended to bring it in line with today's reality and perhaps change the focus from regulating employers to regulating plans? Is Senator Tom Harkin's proposed legislation to set up a privately run portable retirement plan—USA Funds—the answer?
- The role of the BPGC in bankruptcy with expertise but limited power as an unsecured creditor
- The survival of multi-employer plans
Providing commentary and thoughts on bankruptcy and amending ERISA were:
- Richard Seltzer, Esq., Partner, Cohen, Weiss & Simon LLP—bankruptcy expert, representing unions on the implication for unions and collective bargaining
- Susan Hoffman, Esq., Shareholder, Littler Mendelson PC—ERISA expert, representing management on employer's liability
HELD ON: Friday, March 21, 2014 from 8:30am - 11:00 am.
LOCATION: Cornell ILR NYC Conference Center, 16 East 34th Street, 6th floor, New York, NY 10016
CLE CREDIT: 2.0 CLEs – Professional Practice (Transitional and Non-Transitional)
Co-sponsored by: Lowenstein Sandler LLP
- Agenda 3-21-2014 (PDF, 208 KB)
- Presenter Bios (PDF, 81 KB)
- Richard Seltzer Presentation on ERISA at 40 and the Harkin Legislation: A Union Perspective (PDF, 58 KB)
- Richard Seltzer Presentation on Bankruptcy, Unions, the PBGC, and Multiemployer Plans (PDF, 54 KB)
- Josh Gotbaum's Presentation on ERISA at 40 - Thoughts on Retirement Security (PDF, 393 KB)
- Susan Katz Hoffman's Presentation on Multiemployer Pension Plans (PDF, 46 KB)
- ABI Commission to Study Reform of Chapter 11. Statement of Hon. Joshua Gotbaum (March 14, 2013) (PDF, 483 KB)
- AMR Corporation, United States Bankruptcy Court Souther District of New York, 11-15463 (SHL) (2012) (PDF, 148 KB)
- Defrehn, Randy G. and Joshua Shapiro. A Report on the Proceedings, Findings and Recommendations of the Retirement Security Review Commission of the National Coordinating Committee for Multiemployer Plans (PDF, 317 KB)
- The RetirementCrisis and the Plan to Solve It (PDF, 3 MB)
- Helman, Ruth; Nevin Adams; Craig Copeland; Jack VanDerhei, "The 2014 Retirement Confidence Survey: Confidence Rebounds - For Those With Retirement Plans. (PDF, 539 KB)" Ebri.org—Employee Benefit Research Institute. Number 397 (March 2014).
- Myths v. Facts (PDF, 96 KB); Dispelling Misinformation Surrounding the Multiemployer Community's Pension Reform Proposals. NCCMP—National Coordinating Committee for Multiemployer Plans (2013).
- Sun Capital Partners III v. New England Teamsters & Trucking Industry Pension Fund, 724 F.3d 129 (1st Cir. 2013) (PDF, 8 MB)