Withdrawal liability by: Michael McNally
"Withdrawal liability is a topic that contractors generally associate very negative feelings with. Withdrawal liability is also very complex. Why withdrawal liability exists, how it is triggered, how it is calculated, and strategies to minimize the passage liability in transfers of ownership are all frequently not well understood. When exploring purchasing another signatory employer, selling a business, or developing succession plans, withdrawal liability and the potential consequences depending on how a transaction is structured are items that must be considered. For sheet metal and plumbing contractors in particular, knowing whether the special building and construction industry exemption applies to their business is critically important."
"As part of our effort to provide members with knowledge to improve and benefit their businesses, PMC/SMACCA will be recording a podcast and hosting a seminar to discuss withdrawal liability. The podcast will provide a summary of the topics, and the seminar will discuss them in greater depth. The seminar will cover everything from the basic questions to the high-level technical ones and give all attendees an opportunity to ask their questions and get answers. Our speaker for both of these will be Michael McNally. Michael is with the law firm Felhaber Larson in Minneapolis, and is SMACNA National’s outside Labor and Benefits Counsel. He has alot of experience and expertise in withdrawal liability and works with contractors across the country in helping them understand the complex issue of withdrawal liability, developing strategies and, when needed, resolving disputes. Michael has published a guide that is a useful resource for contractors and can be found here."
Please plan on attending this seminar, to be held on Wednesday, May 10th, beginning at 11:30am at PMC/SMACCA's offices. If you are unable to attend in person watch via live webinar. (Separate registration is required.)