646
Opinion of the Court
also Usery v. Turner Elkhorn Mining Co., 428 U. S., at 15-16 and cases cited therein." Id., at 227. Indeed, at that time the Plan was already subject to ERISA, and a withdrawing employer faced contingent liability up to 30% of its net worth. See 29 U. S. C. § 1364 (1976 ed.); see also 29 U. S. C. § 1362(b) (1976 ed.); Connolly, supra, at 226-227; Gray, 467 U. S., at 721. Thus while Concrete Pipe argues that requiring it to pay a share of promised benefits "ignores express and bargained-for conditions on [its contractual] promises," Connolly, 475 U. S., at 235 (O'Connor, J., concurring), it could have had no reasonable expectation that it would not be faced with liability for promised benefits. Id., at 227 (opinion of the Court). Because "legislation readjusting rights and burdens is not unlawful solely because it upsets otherwise settled expectations . . . even though the effect of the legislation is to impose a new duty or liability based on past acts," Turner Elkhorn, 428 U. S., at 16, Concrete Pipe's reliance on ERISA's original limitation of contingent liability to 30% of net worth is misplaced,28 there being no reasonable basis to expect that the legislative ceiling would never be lifted.29
"The employe[r] in the present litigation voluntarily negotiated and maintained a pension plan which was determined to be within the strictures of ERISA." Connolly, supra, at 227. In light of the relationship between Concrete Pipe and the Plan, we find no basis to conclude that Concrete Pipe is
28 See Brief for Petitioner 36-37 ("The ERISA contingent liabilities were substantially different in scope from the liabilities of MPPAA so that [Concrete Pipe] had no reasonable notice that 46% of its net worth would be seized").
Justice O'Connor does not join the statement to which this footnote is attached.
29 Nor do the contractual provisions on which Concrete Pipe would rely provide the support it seeks. Indeed, one such provision, Article X, § E(4) of the 1977-1980 Laborers' Craft Master Labor Agreement, provides that liability will be limited to contributions specified in collective-bargaining agreements "if permitted by law under ERISA." App. 82, ¶ 34.
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