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The Bankruptcy StrategistLJN NewslettersNewsSections

Pension Plan Protection Act Leaves Door Open

By Steven M. Yoder and Eric Sutty
January 30, 2007

Legacy costs, the common term for worker pension and health care benefits negotiated in past collective bargaining agreements, are rising at a rapid pace ' driven by weak projected returns on pension portfolios, strong growth in health care costs and aging baby boomers tipping the scale between the number of workers supporting each retiree.

These costs have roots in the concept of 'cradle-to-grave' care provided to workers by their lifelong employers. Such a system utilized employer-funded pensions to provide retirement income and catastrophic injury coverage for employees, and also ensured workers that they would receive a high level of health care coverage upon retirement.

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