Pension Benefit Guaranty Corporation v. Ward Technical Products, Inc.

Summary

The United States District Court for the Eastern District of California adopted in full the magistrate judge’s findings and recommendations and granted Pension Benefit Guaranty Corporation’s motion for default judgment. The court appointed the plaintiff as statutory trustee of the SPI Control Systems Pension Plan, terminated the plan, established May 31, 2019 as its termination date, ordered transfer of plan records and assets, and directed the Clerk to close the case.

Holdings

1. Default judgment should be granted because the Eitel factors weigh in favor of entering judgment against the nonappearing defendant.
2. The SPI Control Systems Pension Plan is terminated, plaintiff is appointed its statutory trustee, May 31, 2019 is established as the plan's termination date, and defendant and other persons or entities possessing plan records, assets, or property must transfer them to plaintiff upon request.

Questions Presented

1. Whether the court should grant plaintiff's motion for default judgment under the Eitel factors.
2. Whether the court should terminate the SPI Control Systems Pension Plan under ERISA, appoint plaintiff as statutory trustee, establish the plan's termination date, and order transfer of the plan's records and assets.

Disposition

other