In Re Pension Plan for Emp. of Broadway Maint.
This case involves a dispute between the Pension Benefit Guaranty Corporation (PBGC) and the bankrupt Broadway Maintenance Corporation over the termination date of Broadway's employee pension plan. The PBGC initiated the lawsuit to be appointed statutory trustee, declare the plan terminated, and sought a termination date of March 26, 1981, while Broadway argued for a retroactive date prior to December 31, 1979. Judge Kevin Thomas Duffy acknowledged the appointment of the PBGC as trustee and the plan's termination, with the sole issue being the precise termination date. After considering the interests of the participants, the PBGC, and Broadway, and applying legal precedent, the court ultimately set December 5, 1980, as the earliest valid termination date. This date was chosen because it marked when the PBGC filed its original Proofs of Claim, signaling its clear intent to terminate the plan.