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March 2011 » Retiree Benefits Bankruptcy Protection...
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Roy Whitehead, JD, LLM
The Third Circuit Court of Appeals recently decided that a corporation in bankruptcy cannot terminate its retirees' health and insurance benefits even when its pre-bankruptcy Employee Retirement Income Security Act (ERISA) plan expressly reserved the right to unilaterally terminate such benefits. This decision reversed opinions from the Bankruptcy Court for the District of Delaware and the U.S. District Court for the District of Delaware, and disregarded several contrary bankruptcy court and district court opinions from other jurisdictions. The case of In Re Visteon Corporation (612 F.3d 210 [3d Cir. 2010]) brings to a sudden halt a tendency among bankruptcy and federal district court judges to ignore the Retiree Benefits Bankruptcy Protection Act of 1988 (RBBPA) as inapplicable when the debtor could have terminated the retiree's health and insurance benefits prior to bankruptcy.
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