M & K Employee Solutions, Inc. v. Trustees of IAM Nat. Pension · ¶17

As amended by the Multiemployer Pension Plan Amendments Act of 1980, ERISA requires employers that withdraw from an underfunded MPP to pay “withdrawal liability.” § 1381(a); see Milwaukee Brewery Workers' Pension Plan v. Jos. Schlitz Brewing Co., 513 U. S. 414, 417 (1995). Withdrawal liability refects the employer's share of the plan's unfunded vested benefits (UVBs)—that is, the difference between the present value of the benefits owed to employees and the current value of the plan's assets. §§ 1381(b)(1), 1393(c). By requiring employers to pay their share of the UVBs, ERISA seeks to ensure that plans do not become insolvent when employers withdraw. Milwaukee Brewery, 513 U. S., at 416–417.

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