A multiemployer pension plan terminated due to a mass withdrawal in 2003. A few employers are still paying reallocation liability, and the number of participants has dwindled down to about 150. The trust agreement reflects the Taft-Hartley / LMRA section 302(c)(5) requirement for two employee trustees and two employer trustees. The two most recent employer trustees retired (their companies closed, too) without appointing successor trustees, and no one at the remaining employers has stepped up to serve as an employer trustee.
If a multiemployer plan is unable to engage successor employer trustees, what happens? Can the employee trustees continue the plan on their own?
Any insight would be greatly appreciated. Many thanks.
