Each Employer is required to pay the Fund all amounts due as withdrawal liability resulting from a partial or complete withdrawal from the Fund in accordance with ERISA, as amended by the Multiemployer Pension Plan Amendments Act of 1980 and as it may be subsequently amended. The governing Fund documents provide that the Trustees have full authority to adopt rules and regulations governing the determination and payment of withdrawal liability, consistent with the statute and any governmental regulations promulgated under it, and that such rules and regulations adopted by the Trustees shall be binding on all Employers. The notice to contributing employers linked on this page describes the key rules and regulations adopted by the Trustees under this authority.
Withdrawal liability represents a withdrawing employer's share of the unfunded vested benefit liability ("UVB") of the Fund. The Fund's actuaries have advised that there is withdrawal liability for Employers that withdraw from the Fund during the plan year from April 1, 2013 through March 31, 2014. The calculation of UVB is done on an annual basis and the absence, presence or amount of withdrawal liability for any particular plan year cannot be taken as assurance as to the absence, presence or amount in any other plan year.
As described in the notice to employers, employers may request estimates of their potential withdrawal liability for withdrawals that occur during the current plan year. The Fund charges for the cost of providing such estimates.
For more information about withdrawal liability, see the notice to contributing employers linked above.