# Oral Argument Re-Listen: M & K v. IAM Pension Trustees  | Pension Plan Predicament Put to Rest

Page: https://stenobird.com/podcast/the-high-court-report-7304353/oral-argument-re-listen-m-k-v-iam-pension-trustees-pension-plan-predicament-put-to-rest
Text version: https://stenobird.com/podcast/the-high-court-report-7304353/oral-argument-re-listen-m-k-v-iam-pension-trustees-pension-plan-predicament-put-to-rest.md
Podcast: [The High Court Report](https://stenobird.com/podcast/the-high-court-report-7304353)
Published: 2026-05-26T09:00:00+00:00
Episode link: https://thehighcourtreport.com//oral-argument-re-listen-m-k-v-iam-pension-trustees-pension-plan-predicament
Audio file: https://episodes.captivate.fm/episode/6278a210-deaa-4246-875d-ae530233fdfe.mp3
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Duration seconds: 3525

## Resource

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 mea…

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