Morgan, Lewis & Bockius LLP Employee Benefits partner John G. Ferreira spoke to Law360 about trends in the Pension Benefit Guaranty Corp.’s 2017 retirement benefit payouts. “A significant amount of the overall number is represented by a handful of states that were the home of large, heavily unionized manufacturing businesses in industries like steel, aluminum and auto manufacturing that went through significant dislocation over the last 30 years,” Ferreira told Law360. “That really is the source of many of the plan liabilities that PBGC had to absorb as a result of bankruptcies in all of those industries.”