The Board of Trustees of the Sheet Metal Workers' National Pension Fund - Page 17




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          current trustees could have mitigated plan losses by eliminating            
          the automatic COLA for participants who retired before its                  
          effective date in 1991.                                                     
               In its opinion, the District Court explained the purpose of            
          section 411(d)(6) by observing that “if an employee works with              
          the expectation that she is earning, and will receive, a pension            
          benefit, an employer may not later decide not to give her the               
          benefit that it has promised and she has earned.”   Id.  Citing             
          Alessi v. Raybestos-Manhattan, Inc., 451 U.S. 504, 511 (1981),              
          the District Court noted that “The purpose of the requirement [in           
          section 411(d)(6)] is to protect that which an employee has been            
          promised and has earned over time.”  Scardelletti v. Bobo, supra.           
          The court explained that “The question in our case is purely                
          whether a later-added benefit may be considered an accrued                  
          benefit.”  Id. at n.7.  The court concluded that the COLA “was              
          not an accrued benefit” as to participants who retired before the           
          COLA was adopted in 1991, because those participants “did not               
          work with the expectation that they would receive a COLA.”  Id.             
               Other courts have stressed the principle that an accrued               
          benefit is one that is promised to the employee, accrued by the             
          employee during his or her tenure as an employee, and expected by           
          the employee to be available upon retirement.  In Hickey v.                 
          Chicago Truck Drivers Union, 980 F.2d 465 (7th Cir. 1992), for              
          example, a union’s defined benefit pension plan was amended to              






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