29 C.F.R. § 4219.32

Interest on overdue, defaulted and overpaid withdrawal liability

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(a) Interest assessed. The plan sponsor of a multiemployer plan—

(1) Shall assess interest on overdue withdrawal liability payments from the due date, as defined in paragraph (d) of this section, until the date paid, as defined in paragraph (e); and

(2) In the event of a default, may assess interest on any accelerated portion of the outstanding withdrawal liability from the due date, as defined in paragraph (d) of this section, until the date paid, as defined in paragraph (e).

(b) Interest rate. Except as otherwise provided in rules adopted by the plan pursuant to § 4219.33, interest under this section shall be charged or credited for each calendar quarter at an annual rate equal to the average quoted prime rate on short-term commercial loans for the fifteenth day (or next business day if the fifteenth day is not a business day) of the month preceding the beginning of each calendar quarter, as reported by the Board of Governors of the Federal Reserve System in Statistical Release H.15 (“Selected Interest Rates”).

(c) Calculation of interest. The interest rate under paragraph (b) of this section is the nominal rate for any calendar quarter or portion thereof. The amount of interest due the plan for overdue or defaulted withdrawal liability, or due the employer for overpayment, is equal to the overdue, defaulted, or overpaid amount multiplied by:

(1) For each full calendar quarter in the period from the due date (or date of overpayment) to the date paid (or date of refund), one-fourth of the annual rate in effect for that quarter;

(2) For each full calendar month in a partial quarter in that period, one-twelfth of the annual rate in effect for that quarter; and

(3) For each day in a partial month in that period, one-three-hundred-sixtieth of the annual rate in effect for that month.

(d) Due date. Except as otherwise provided in rules adopted by the plan, the due date from which interest accrues shall be, for an overdue withdrawal liability payment and for an amount of withdrawal liability in default, the date of the missed payment that gave rise to the delinquency or the default.

(e) Date paid. Any payment of withdrawal liability shall be deemed to have been paid on the date on which it is received.

Notes of Decisions

Cited in 18 cases (7 in the last 5 years), 2001–2025 · leading case: Chicago Truck Drivers v. El Paso CGP Co.

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Chicago Truck Drivers v. El Paso CGP Co. (2008) ca7 · cites it 2× “” 29 C.F.R. § 4219.32 (a)(1). The regulations specify that the “date paid” is deemed to be the “date on which [the payment of withdrawal liability] is received.”

N.Y. Times Co. v. Newspaper & Mail Deliverers'-Publishers' Pension Fund (2018) ilsd “Following the Arbitrator's rulings, the Fund refunded the Times the overpayment of principal along with interest calculated pursuant to 29 C.F.R. § 4219.32 (c). Fund's 56.1 ¶ 114.”

Board of Trustees of the Automobile Mechanics' Local No. 701 v. 6516 Ogden Avenue, LLC (2016) ilnd “”); 29 C.F.R. § 4219.32 (b) (“Except as otherwise provided in rules adopted by the plan pursuant to § 4219.”

Rao v. Prest Metals (2001) nyed “” 29 C.F.R. § 4219.32 (b). Pursuant to Statistical Release H.”

Einhorn v. Dubin Bros. Lumber (2014) njd · cites it 2× “Plaintiff explained at oral argument that his calculation is based on 29 C.F.R. § 4219.32 . 7 The Court calculates interest under from August 21, 2012 to the date of judgment, *518 July 15, 2014, in a total amount of $12,415.”

STEELWORKERS PENSION TRUST v. THE RENCO GROUP, INC. (2019) pawd · cites it 14× “while holding that the interest rate set forth in 29 C.F.R. § 4219.32 (b)5 applied to the allegedly overdue withdrawal liability, the Arbitrator stated that his ruling was “subject to potential revision in a subsequent ruling if it is proven that there is a higher rate that…”

Board of Trustees of Trucking Employees of North Jersey Welfare Fund, Inc.-Pension Fund v. Kero Leasing Corp. (2004) ca3 “” In determining what rate should apply, the Fund may choose between the rate specified in 29 C.F.R. § 4219.32 , which sets out a rate that is essentially equivalent to the prevailing market rate for short-term commercial loans, or the rate specified by the plan itself pursuant…”

Chicago Area I.B. of T. Health and Welfare Trust Fund v. Olympic Wholesale Produce, Inc. (2019) ilnd · cites it 3× “See 29 C.F.R. §§ 4219.32 (b). On December 15, 2017 and March 15, 2018, the applicable interest rate reported by the Board of Governors of the Federal Reserve System in Statistical Release H.”

LOCAL 365 PENSION FUND v. KAPLAN BROS. BLUE FLAME CORP. (2021) njd · cites it 2× “The Trustees seek entry of judgment for withdrawal liability plus interest, liquidated damages, and attorneys’ fees and costs, pursuant to 29 U.”

Pennsylvania Heavy & Highway Contractors Pension Fund v. Valley Seeding Company, Inc. (2024) pamd · cites it 2× “Here, Plaintiffs have argued that 29 C.F.R. §4219.32 should guide this court in assessing the interest on unpaid principal withdrawal liability both for pre- and post-judgment, and has accordingly furnished this court with a table summary of such calculations.”

Chicago Truck Pensio v. El Paso CGP Company (2008) ca7 · cites it 2× “” 29 C.F.R. § 4219.32 (a)(1). The regulations specify that the “date paid” is deemed to be the “date on which [the payment of withdrawal liability] is received.”

Trustees of the Iam National Pension Fund v. M & K Employee Solutions, LLC (2023) dcd “§ 1399 (c)(5) (emphasis added); 29 C.F.R. § 4219.32 (d)–(e). Defendants failed to make any payments before August 13, 2019 (the date on which the first quarterly installment payment was due), so that is the date interest started accruing.”

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