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The Supreme Court unanimously held 6/7/04 that an amendment to a pension fund expanding the categories of post-retirement employment that trigger suspension of early-retirement benefits violates the “anti-cutback” provision of the Employee Retirement Income Security Act (“ERISA”). 29 U.S.C. § 1054(g). Participants in a multiemployer pension plan retired after qualifying for early-retirement benefits, which were conditioned on the retirees not engaging in certain types of post-retirement employment. The plan sponsor later amended the plan to expand the categories of prohibited employment. The Supreme Court held that this amendment violated ERISA’s anti-cutback rule. The Court explained that the anti-cutback provision is central to ERISA’s purpose of protecting employees’ expectations of receiving promised benefits. By placing significantly greater restrictions on the receipt of early-retirement benefits, the amendment reduced the value of respondents’ pension rights and undercut their expectations. The Court also found support for its conclusion in an IRS regulation that adopts the same reading of ERISA’s anti-cutback provision. This case is significant to all businesses that create and/or administer ERISA-governed pension plans.