M & K Employee Solutions, LLC v. Trustees of The IAM Pension Fund | Argument Date: 1/20/26 | Docket Link: Here

Oral Advocates:

• For Petitioner (M&K Employee Solutions): Michael E. Kenneally, Jr., Washington, D.C.
• For Respondent (IAM National Pension Fund): John E. Roberts, Providence, Rhode Island.
• For United States as (Amicus Curiae Supporting Respondent): Kevin J. Barber, Assistant to the Solicitor General, Department of Justice.

Question Presented: Can pension plans charge higher prices using future prices, or must they stick with the original prices?

Overview: Four companies' pension withdrawal liability tripled from timing of actuarial assumption changes, creating circuit split over whether "as of" December 31st calculations require December 31st assumptions or permit retrospective professional judgment.

Posture: Arbitrators favored companies; D.C. District Court and Circuit reversed, permitting post-measurement assumption adoption with restrictions.

Main Arguments:

• Petitioners: (1) "As of" language creates statutory deadline requiring pre-measurement assumption adoption; (2) Legislative framework expected annual assumption reviews before measurement dates; (3) Anti-manipulation principles from Section 1394 should apply to actuarial assumptions
• Respondents: (1) "As of" establishes reference date, not completion deadline for retrospective valuations; (2) "Best estimate" requirement mandates current professional judgment over stale assumptions; (3) Standard actuarial practice permits and encourages post-measurement selection

Holding: The ERISA provisions governing the calculation of withdrawal liability from an underfunded Multiemployer Pension Plan do not require that actuarial assumptions underlying the calculation be selected on or before the statutory measurement date.

Voting Breakdown: 9-0. Justice Jackson wrote the majority opinion joined by Roberts, Thomas, Alito, Sotomayor, Kagan, Gorsuch, Kavanaugh, and Barrett. Affirmed D.C. Circuit.

Opinion: Here

Majority Reasoning: (1) Section 1391's "as of" language assigns hard data to measurement date but permits calculation performance afterward using tools including assumptions; (2) Section 1393 imposes no deadline for assumption selection and Congress's omission from parallel provisions signals intentional choice; (3) "Best estimate" requirement necessitates access to most current data potentially unavailable before measurement date.

Implications: Pension plans gain flexibility to select actuarial assumptions after measurement dates using current market data and professional judgment. Employers lose timing-based challenges but retain substantive reasonableness challenges through arbitration. Actuaries avoid artificial deadlines while maintaining accountability through reasonableness requirements. Court leaves open whether assumptions must reflect only information available as of measurement date.

The Fine Print:

• 29 U.S.C. § 1391: "The amount of an employer's withdrawal liability...shall be computed...as of the end of the plan year preceding the plan year in which the withdrawal occurs"
• 29 U.S.C. § 1393(a)(1): "actuarial assumptions and methods which...offer the actuary's best estimate of anticipated experience under the plan"

Primary Cases:

• National Retirement Fund v. Metz Culinary Management (2020): Second Circuit held actuarial assumptions for withdrawal liability must exist by measurement date; automatic rollover applies absent timely changes
• Concrete Pipe & Products v. Construction Laborers Pension Trust (1993): Withdrawal liability creates "fixed and certain debt"; actuarial determinations receive presumption of correctness due to professional constraints and statutory requirements

Timestamps:

[00:00:00] Oral Argument Preview

[00:01:30] Oral Argument Begins

[00:01:41] M & K Opening Statement

[00:03:33] M & K Free for All Questions

[00:26:54] M & K Round Robin Questions

[00:31:47] IAM Opening Statement

[00:34:23] IAM Free for All Questions

[00:47:28] IAM Round Robin Questions

[00:47:31] United States Opening Statement

[00:48:39] United States Free for All Questions

[00:53:44] United States Round Robin Questions

[00:53:50] M & K Rebuttal