First Circuit reverses District Court’s decision that co-investing funds were in de facto partnership which controlled portfolio company and could be held liable for portfolio company’s withdrawal liability; decision may be significant for multiemployer pension funds and private investment funds. Read the full alert.
Ira M. Golub is a partner in the Employee Benefits & Executive Compensation Group. He practices exclusively in the employee benefits area. The nature of Ira’s practice embraces virtually all aspects of employee benefits law, ranging from the establishment and design of pension, profit-sharing, welfare and executive compensation plans to the administration and termination of such programs.
Ira works regularly with both single employer and multiemployer pension, welfare, annuity, vacation and apprenticeship funds. He serves as fund counsel to numerous multiemployer funds in a variety of industries, providing advice to trustees and administrators in connection with the operation and maintenance of the funds. His understanding of the issues emanating from the operation of multiemployer funds is enhanced by his experience in effecting the termination and mergers of funds and representing contributing employers in disputes with employee benefit plans.
Ira has extensive experience representing employers in their efforts to manage withdrawal liability exposure. He has assisted numerous employers that have been assessed withdrawal liability in challenging, arbitrating and negotiating the settlement of such assessments. The fact that Ira formerly worked for an actuarial consulting firm and serves regularly as counsel to multiemployer funds that assess withdrawal liability enables him to bring a spectrum of analytical skills and a depth of experience when addressing withdrawal liability matters. He has provided advice to employers in connection with highly complex and multi-faceted withdrawal liability problems, worked intensively with all withdrawal liability methods (including the hybrid withdrawal liability allocation method recently adopted by some large multiemployer funds) and given advice in connection with multiple withdrawal liability transactions involving liabilities in excess of a billion dollars. He has represented clients before the Pension Benefit Guaranty Corporation (PBGC) and has negotiated a number of agreements with the PBGC in transactional and other contexts (such as, for example, Section 4062(e) of ERISA). He has been a legal advisor in many situations involving bankruptcy and restructuring as it relates to withdrawal liability and pension underfunding.
Over the years, Ira has developed a particular capability representing plan sponsors and trustees in connection with the full range of fiduciary and other plan asset and investment issues. He also has a breadth of knowledge with respect to issues relating to welfare programs, and is considered a leading authority with respect to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (COBRA) and Health Savings Account. Ira is often called upon to provide advice relating to managing and modifying significant employer retiree medical liabilities and obligations. He frequently has been involved in providing advice to large corporations in connection with reductions-in-force, and with respect to the full range of employee benefit aspects arising in corporate mergers and acquisitions. Ira also works with government sponsored employee benefit plans that are not subject to ERISA.
Ira has published the COBRA Handbook, a comprehensive text on COBRA that is updated annually. He is a member of the Board of Editors of HR Advisor. In addition to having worked at a national actuarial consulting firm, Ira previously was a trial attorney for the National Labor Relations Board.