M & K Employee Solutions, Inc. v. Trustees of IAM Nat. Pension · ¶25

Petitioners initiated separate arbitrations to challenge their withdrawal-liability assessments. See § 1401(a). Each of the arbitrators determined that the assessment was erroneous because the Fund had applied actuarial assumptions adopted after December 31, 2017. Doing so, the arbitrators reasoned, conficted with § 1391's requirement that withdrawal liability be calculated “as of” the measurement date. The arbitrators instead required the Fund to use the actuarial assumptions that were “in effect” on the measurement date—i. e., the 7.50% discount rate. App. 293 (emphasis deleted); see also id., at 26–27, 49, 71.

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