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Distressed Employers Facing Skyrocketing Pension Contributions: A Non-Bankruptcy Solution
Keightley & Ashner LLP 
Dec. 16, 2020 "Under the Business Continuation Test, a controlled group member qualifies for distress if it demonstrates 'to the satisfaction of the corporation [PBGC] that, unless a distress termination occurs, such person will be unable to pay such person's debts when due and will be unable to continue in business.' ... The Business Continuation Test is stringent, but for an ongoing employer facing both the economic consequences of the pandemic and dramatically increasing pension contributions, it could provide an avenue of relief from pension costs that are no longer affordable." |
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