Davis v. Pension Benefit Guaranty Corporation

(1) Whether the Court of Appeals erred in upholding the Pension Benefit Guaranty Corporation"s post hoc rationalization in litigation that, under 29 U.S.C. § 1344(a)(3), a benefit derives from a plan provision "in effect" five years prior to termination only if the benefit was paid or payable at the start of the five-year period; and (2) whether the court of appeals erred in upholding the Pension Benefit Guaranty Corporation"s determination that, under 29 U.S.C. § 1344(a)(3), the benefit deriving from plan provisions "under which such benefit would be the least" is the mathematically lowest benefit amount existing during any of the five years before termination.