"The PBGC's decision to not pay 'shutdown' benefits to participants whose plant closed was not arbitrary and capricious because there was sufficient evidence in the record for the agency to reasonably conclude that a permanent shutdown of plan operations did not occur until after the employer's defined benefit plan was terminated ... The participants argued the agency's decision was subject to de novo review. The appellate court disagreed, noting that when the shutdown became permanent was at issue, but the definition of 'permanent shutdown' as used in the plan was not."  MORE >>