Financial Institutions Retirement Fund v. Office of Thrift Supervision

McLAUGHLIN, Circuit Judge:

This is a dispute over a surplus accumulated by the Financial Institutions Retirement Fund (the “Fund”), a multiple employer pension fund established in 1943 to serve financial institutions. The disputed portion of the Fund’s surplus relates to contributions made by the twelve Federal Home Loan Banks (the “Banks”) to fund the retirement benefits of approximately 2,500 former employees who were transferred to the Office of Thrift Supervision (“OTS”) pursuant to statute. After the employees were transferred, both OTS and the Banks claimed the surplus. The Fund…