RENDELL, Circuit Judge.
In these appeals we are called upon to determine the relevant statute of limitations for an action brought by the trustees of a pension fund to recover withdrawal liability. The appellee, Robert Holmes, is [291] the former sole shareholder of a company that ceased making payments to the plan, and the former sole proprietor of another related company. The District Court held that the action instituted by the pension fund against Holmes was untimely, as the complaint was filed seven years after the cause of action accrued, one year beyond the statute of limitations set forth in the Multiemployer Pension Plan Amendments Act of 1980 (“MPPAA”), 29 U.S.C. §§ 1381-1461. For the reasons set forth below, we will affirm in part and reverse in part.
I.
The appellant, Board of Trustees of Trucking Employees of North Jersey Welfare Fund, Inc. — Pension Fund (“the Fund”), is the plan sponsor of a multiem-ployer fund established under the Employee Retirement Income Security Act of 1974 (“ERISA”). 29 U.S.C. §§ 1002(37), 1301(3). Employers participating in the Fund’s pension plan made contributions to the Fund based on terms set forth in collective bargaining agreements they negotiated with their employees.
Holmes was once the chief executive officer of a trucking company called Holmes Transportation Inc. (“HTI”). During the 1980s, Holmes created wholly-owned subsidiary companies to supply employees, equipment, and land to HTI. One of these companies was Holmes Leasing Company (“Holmes Leasing”), a sole proprietorship that owned and leased equipment to HTI. Another was Kero Leasing Corporation (“Kero”), a New Jersey corporation that provided employees to work at a certain HTI terminal. Holmes was the sole proprietor of Holmes Leasing and the sole shareholder of Kero. Kero entered into a collective bargaining agreement with the union representing its workers.1 The agreement required Kero to make contributions on behalf of its employees to the Fund’s pension plan.
In March of 1987, Holmes agreed to sell HTI to Route Resources, a Canadian-owned holding company. The sale was consummated in September of 1988, and Kero’s stock was included in the sale along with all interests in Holmes’s sole propri-etorships. In December of 1988, after Route Resources had assumed ownership and control of his businesses, Holmes retired to Florida. According to the Fund’s complaint in this action, Kero stopped making contributions to the Fund in December of 1989, prior to the expiration of its duties under the collective bargaining agreement.2 As a result, an assessment for withdrawal liability was mandatory under the provisions of the MPPAA. See 29 U.S.C. § 1381. On February 27, 1990, upon realizing that Kero had withdrawn from the plan, the Fund sent a notice of the statutory assessment of withdrawal liability to Kero.
On March 7, 1991, after no payments were made by Kero, the Fund sent a letter to Route Resources regarding the default [292] in payments, and the withdrawal liability was demanded in full. When Kero continued to default on its withdrawal liability payments, the Fund filed a complaint in the United States District Court for the District of New Jersey against Route Resources, alleging that it was under common control with Kero at the time of its withdrawal and was therefore responsible for the liability. No answer was filed, and on December 13, 1995, a default judgment was entered against Route Resources.
Notwithstanding its success in obtaining the default judgment, the Fund continued to be unable to collect any of the withdrawal liability. On January 8, 1998, counsel for the Fund sent a letter to Holmes asking him to appear for a deposition, to provide information about Route Resources, Kero, and any other related corporations that might be responsible for the withdrawal liability. The letter also specified the amount that Kero owed and noted that a default judgment had been entered against Route Resources. However, the letter did not contain any indication that the Fund would seek to impose liability on Holmes personally. Meanwhile, the Fund instituted the instant action by filing a complaint in the District of New Jersey on March 31, 1998, naming Kero, Holmes Leasing, and Holmes personally as defendants. After his deposition on July 22, 1998, Holmes received a copy of the complaint in this matter from the Fund’s counsel. According to Holmes, this was his first notice that the Fund was seeking to collect the withdrawal liability from him.
II.
The Fund’s complaint in the instant case demands judgment against all three named defendants, including Holmes personally, in the amount of the withdrawal liability, plus interest, attorneys’ fees, and costs. Holmes was the only defendant to answer the complaint, and he is the only appellee to file a brief in this appeal. Initially, both the Fund and Holmes filed motions for summary judgment on the merits. The District Court denied both motions and referred the matter to arbitration in accordance with the MPPAA, 29 U.S.C. § 1401. The Court also ordered Holmes to make interim withdrawal liability payments to the Fund while the arbitration was pending. See 29 U.S.C. § 1399(c)(2); Bd. of Trs. of Trucking Employees of N. Jersey Welfare Fund, Inc.—Pension Fund v. Centra, 983 F.2d 495, 507 (3d Cir.1992).
During arbitration, Holmes argued, inter alia, that the Fund failed to provide notice of its intention to seek the withdrawal liability from Holmes personally “as soon as practicable” after Kero’s withdrawal, as required by 29 U.S.C. § 1399(b)(1), and should therefore be barred from assessing the withdrawal penalty against him. In December of 2001, the arbitrator issued an opinion agreeing with Holmes and dismissing the Fund’s claim for withdrawal liability.3 While the [293] arbitration was proceeding, the Fund appealed the District Court’s order denying summary judgment and referring the matter to arbitration. Holmes cross-appealed and moved to reopen the record to explore whether the six year statute of limitations under the MPPAA had expired, based on the fact that, during discovery related to the arbitration, he became aware for the first time that the Fund had sent a letter in March of 1991 accelerating the withdrawal liability. Accordingly, he urged that the action commenced in 1998 should be dismissed as untimely.
Another panel of our court considered these appeals and remanded the matter in September of 2001, directing the District Court to determine whether the statute of limitations had expired prior to the filing of the 1998 action. The District Court reopened the record, and the parties filed another round of motions for summary judgment. The Court ultimately granted summary judgment in favor of Holmes on April 22, 2003, and ordered the Fund to reimburse him in an amount equal to the interim payments, interest, attorneys’ fees and costs Holmes had already paid to the Fund as required by the MPPAA, as well as interest on those payments. The Court first determined that the cause of action accrued with the sending of the March 1991 letter. See Bay Area Laundry & Dry Cleaning Pension Trust Fund v. Ferbar Corp. of Cal., Inc., 522 U.S. 192, 194, 118 S.Ct. 542, 139 L.Ed.2d 553 (1997) (holding that a new statute of limitations starts to run with each missed payment or when payment of the debt is accelerated). Strictly applying the six year statute of limitations in this case, the Court then concluded that the limitations period expired in 1997, and that the action was brought approximately one year too late.
The Fund urged the Court to characterize the 1998 action as an enforcement, as against Holmes, of the 1995 default judgment that had been entered against Route Resources. The. Court rejected this theory, adopting reasoning similar to that employed in Central States, Southeast & Southwest Areas Pension Fund v. Mississippi Warehouse Corp., 853 F.Supp. 1053 (N.D.Ill.1994), and distinguishing controlled group liability under the MPPAA from other alter-ego theories of liability. In doing so, the Court declined to follow the lead of certain other New Jersey district courts that had permitted actions brought after the six year limitations period to proceed by characterizing them as enforcement actions against persons who were not previously named, but who were admittedly controlled group members with the defendants that had been named. The Court emphasized that Holmes had sold his interests in the entities in 1988 — before the liability arose and before notice of it was given — and that he continued to dispute his status as a member of the controlled group with Kero. Cf. Bd. of Trs. of Trucking Employees of N. Jersey Welfare Fund, Inc. v. Gotham Fuel Corp., 860 F.Supp. 1044 (D.N.J.1993) (applying New Jersey’s twenty year statute of limitations for enforcing judgments to an action seeking to enforce a default judgment, where defendants were not parties to the earlier action but did not dispute their status as members of the relevant controlled group); Bd. of Trs. of Trucking Employees of N. Jersey Welfare Fund, Inc. v. Able Truck Rental Corp., 822 F.Supp. 1091 (D.N.J.1993) (same).
Ultimately, the District Court held that any action by the Fund seeking to hold a potential controlled group member like Holmes jointly and severally liable for the withdrawal assessment had to be brought within the MPPAA’s six year statute of limitations. Thus, the Fund’s action was dismissed with prejudice,' and the Fund was ordered to return all payments made [294] by Holmes, with interest.4 The Fund appealed this order, and Holmes cross-appealed. The District Court also issued a Judgment ordering that the payments made by Holmes were to be reimbursed. The Fund appealed certain aspects of the Judgment, and Holmes cross-appealed once more. Before us now are both sets of appeals and cross-appeals, which have been consolidated for our review.
III.
This action was brought under ERISA and the MPPAA. The District Court had jurisdiction over it pursuant to 29 U.S.C. § 1451(c). We review the District Court’s final order granting summary judgment in favor of Holmes based on 28 U.S.C. § 1291. Because the issues involved are purely legal, we exercise plenary review of the District Court's grant of summary judgment, its interpretation of the MPPAA’s statute of limitations provision, and its award of damages in light of ERISA’s anti-inurement provision. IUE AFL-CIO Pension Fund v. Barker & Williamson, Inc., 788 F.2d 118, 122 (3d Cir.1986). However, where the relevant statutes are silent or ambiguous, we will defer to any reasonable regulations promulgated by the Department of Labor in connection with the statutory provisions at issue in this case. See Chevron, U.S.A., Inc. v. Natural Res. Def. Council, Inc., 467 U.S. 837, 104 S.Ct. 2778, 81 L.Ed.2d 694 (1984).
IV.
In their various briefs, the parties raise numerous issues related to the proper application of the statute of limitations to this action, the merits of the District Court’s first opinion ordering arbitration, the enforcement of the arbitrator’s order, and the amount of reimbursement included in the District Court’s final judgment. We will not reach many of these issues, as we will affirm the District Court’s determination related to the MPPAA’s statute of limitations. In light of our conclusion that the action was untimely, the only other issues that require our attention are those related to the calculation of the Fund’s reimbursement to Holmes. We will discuss both of the pertinent issues — the statute of limitations, and the judgment amount — in turn.
A.
We first consider what the applicable statute of limitations is in the context of the Fund’s action as it is stated in the 1998 complaint. Under the MPPAA, when an employer prematurely ceases making payments into a pension plan, the trustees of the plan can assess the withdrawal liability against the withdrawing employer in an amount representing that employer’s pro rata share of the payments remaining due to the pension fund.5 29 U.S.C. [295] § 1381(b)(1). The MPPAA extends responsibility for payment of withdrawal liability beyond the withdrawing employer to “all employees of trades or businesses (whether or not incorporated) which are under common control.” 29 U.S.C. § 1301(b)(1). In this case, the Fund seeks to use this provision in order to hold Holmes liable for Kero’s withdrawal liability, as he was once the CEO of one business under common control with Kero, and sole proprietor of another.
In setting forth the parameters for civil actions brought under the MPPAA, Congress imposed a specific statute of limitations that governs actions to recover withdrawal liability. According to § 1451(f)(1) of the statutory scheme, the Fund’s MPPAA action must have been brought within “6 years after the date on which the cause of action arose,” in order for it to be considered timely.6 According to the Supreme Court, a cause of action for withdrawal liability arises under the MPPAA each time an employer fails to make a payment as scheduled by the plan trustees, and the trustees have no obligation to accelerate the debt when an employer defaults. Bay Area, 522 U.S. at 194-95, 118 S.Ct. 542. However, in a case where the trustees elect to accelerate the liability by demanding payment in full following an employer’s default, which is permissible under 29 U.S.C. § 1399(c)(5), the six year period begins to run when the liability is accelerated. See id. at 209 n. 5, 118 S.Ct. 542 (“The statute of limitations on an accelerated debt runs from the date the creditor exercises its acceleration option .... ”); see also Bd. of Trs. of Dist. No. 15 Machinists’ Pension Fund v. Kahle Eng’g Corp., 43 F.3d 852, 857 (3d Cir.1994) (discussing the application of a statute of limitations to a debt payable in installments).
The parties here apparently do not dispute the fact that the letter sent to Kero by the Fund in March of 1991 accelerated the liability by demanding payment in full. Thus, the District Court correctly identified the date of that letter as the event that marked the starting point for the six year statute of limitations according to the Supreme Court’s discussion in Bay Area. In light of that fact, the period for bringing actions under the MPPAA to [296] recover Kero’s withdrawal liability ended in March of 1997, one full year prior to the filing of the instant complaint. Without looking any further, it appears as though a straightforward application of the six year limitations period leads to the conclusion that the Fund’s action here was untimely. However, the Fund seeks to avoid that conclusion by characterizing the instant action as one to enforce the 1995 default judgment it obtained against Route Resources, and not as an original action under the MPPAA to impose withdrawal liability against Holmes. The MPPAA does not contain a separate provision for enforcement of judgments. Presumably, therefore, the enforcement of the judgment would be a matter of state law, here carrying a twenty year statute of limitations, so the Fund urges that the action was timely.
However, the Fund’s 1998 complaint very clearly states an original action to recover withdrawal liability under the MPPAA, not one to enforce a judgment. Like the complaint filed in 1995 against Route Resources, the first paragraph of the 1998 complaint explicitly describes the case as “an action for collection of withdrawal liability under the [MPPAA].” In fact, the complaint is replete with statements indicating that the action was brought to collect withdrawal liability from Holmes directly under the MPPAA. For example, paragraph 32 states that “Defendants have failed to make any of the monthly payments of the withdrawal liability assessment; thus, it is necessary to bring this action to enforce payment.” Paragraphs 33 and 34 go on to describe original actions brought under the MPPAA, 29 U.S.C. § 1451(b), to “enforce payment of a withdrawal liability assessment.” Further, the complaint indicates in paragraph 17 that the amount of the 1995 default judgment was $3,670,093.70, but proceeds to demand a judgment against Holmes in a different amount, listing payments that would be sought in an original action under the MPPAA.
Only two paragraphs of the 1998 complaint even mention the 1995 default judgment, and nothing related to that judgment is referenced, either explicitly or implicitly, in the Fund’s prayer for relief. Thus, the most obvious reading of the complaint — and, we think, the only plausible reading — leads us to conclude that it states an original action brought under the MPPAA, rather than one to enforce the 1995 judgment.7
B.
Notwithstanding the manner in which the complaint is framed, the Fund urges us to view the complaint differently based on the following argument. The Fund’s initial notice of the withdrawal liability, sent in 1990, constituted constructive notice to all businesses or persons that were ever under common control with Kero. See Barker & Williamson, 788 F.2d at 127 (holding that actual notice to an employer serves as constructive notice to all other members of a controlled group). The Fund relies on this principle for the further proposition that a judgment obtained against one member of a controlled group is a judgment against all other members. [297] In other words, the Fund asserts that a timely filed suit to recover withdrawal liability that results in default judgment against one entity determines the liability of all other controlled group members, whether or not they are named as parties to the action. Thus, this principle would allow the Fund to enforce the 1995 default judgment obtained against certain members of Kero’s controlled group against any other entity they deem to be an additional member of that controlled group, including Holmes.
Because it characterizes this action as one to enforce a prior judgment, the Fund urges that it should be governed by New Jersey’s twenty year statute of limitations for enforcement of judgments, N.J. Stat. Ann. § 2A:14-5, rather than by the MPPAA’s six year limitations period. The Fund finds support for this view in two cases decided by New Jersey district courts, both of which applied the twenty year limitations period to actions seeking to enforce prior default judgments for withdrawal liability under the MPPAA. See Gotham Fuel, 860 F.Supp. at 1050 (holding that the state limitations period for enforcement of judgments applies once a fund establishes that the defendants were part of the relevant single employer group); Able Truck, 822 F.Supp. at 1095 (same).
We conclude that the Fund’s position regarding the statute of limitations is flawed. Initially, we emphasize our conclusion, explained fully above, that the complaint as written simply does not lend itself to such a reading. The second amended complaint in this matter, which was nearly identical to the Fund’s earlier complaint that resulted in the 1995 default judgment, explicitly seeks to collect withdrawal liability from Holmes. Such an action is governed by the MPPAA’s six year limitations period. We would find it difficult to read the 1998 complaint as setting forth an action to enforce a prior judgment without disregarding the clear language of the complaint and engaging in illogical contortions.8 But even if we chose to reinterpret the complaint as the Fund suggests, we still think the action is barred, and that the application of a twenty year statute for enforcement of judgments is problematic here. This is so for several basic reasons.
First, the Fund acknowledges the fact that it has not obtained a default judgment against Holmes personally. Additionally, the District Court refused to find that Holmes was notified of the withdrawal liability prior to 1998. The Fund, therefore, must engage in the difficult task of convincing us that Holmes is somehow liable when he was not notified of the claim in a timely manner; further, it must persuade us that Holmes is somehow bound by a judgment in an action of which he had no actual notice, in which he was not a named [298] party, and in which no one actively represented his interests.
In attempting to accomplish this feat, the Fund relies heavily on our discussion in Barker & Williamson. There, we were asked to decide whether a company, Sentinel Electronics, was in a controlled group with the withdrawing company, Barker & Williamson, and if so, whether notice to Barker & Williamson constituted constructive notice to Sentinel. 788 F.2d at 121. We first determined that Sentinel and Barker & Williamson had become members of the same controlled group pri- or to the pension plan withdrawal that gave rise to the action. Id. at 122-26. After deciding that the two companies were a “single employer” within the meaning of the MPPAA, we held that actual notice of the withdrawal liability to Barker & Williamson constituted constructive notice to all other members of its controlled group, including Sentinel. Id. at 126-30. Thus, like other courts of appeals, we adopted a “notice to one is notice to all” rule to be applied in MPPAA cases. Id. at 127; see also, e.g., Cent. States, Southeast & Southwest Areas Pension Fund v. Slotky, 956 F.2d 1369, 1375 (7th Cir.1992); I.A.M. Nat’l Pension Fund, Plan A. A Benefits v. Slyman Indus., Inc., 901 F.2d 127, 129 (D.C.Cir.1990); Teamsters Pension Trust Fund—Bd. of Trs. of W. Conference v. Allyn Transp. Co., 832 F.2d 502, 506-07 (9th Cir.1987).
However, the principle of “notice to one is notice to all” announced in Barker & Williamson does not lead to the conclusion suggested by the Fund regarding enforcement of default judgments. In Barker & Williamson, there was no statute of limitations issue before us, because the pension fund had brought timely actions under the MPPAA against both the employer and the potential members of the controlled group. The relevant parties were all joined in the initial litigation, so the fund was not attempting to enforce any prior judgment, and the limitations period for arbitrating disputes under the MPPAA had not yet run. Also, the issue there involved whether the defendant company had become a member of the controlled group prior to the employer’s withdrawal, rather than whether the defendant had terminated its membership in the controlled group prior to the withdrawal. Therefore, no question was presented that required arbitration under the MPPAA; all issues could be decided by the court on its own. See Galgay v. Beaverbrook Coal Co., 105 F.3d 137, 141-42 (3d Cir.1997); see also Flying Tiger Line v. Teamsters Pension Trust Fund of Philadelphia, 830 F.2d 1241, 1249-50 (3d Cir.1987) (distinguishing Barker & Williamson from a case in which the issue involved termination of controlled group status).
In Barker & Williamson, we determined that, at the time of the withdrawal, Barker & Williamson and Sentinel were “brother-sister corporations” under the Internal Revenue Code standards incorporated by the MPPAA for determining controlled group status. 788 F.2d at 123; see 29 U.S.C. § 1301(b)(1). Here, Holmes had divested himself of his interests in his former businesses and retired to Florida in 1988, so it is far from certain that such a “brother-sister” relationship could be imputed to Holmes and Kero at the time of the withdrawal.9 Further, without first [299] determining whether Holmes was in fact a member of the controlled group at the time of the withdrawal, as we did in Barker & Williamson, we would be hesitant to apply the “notice to one is notice to all” rule on the facts of this case, let alone expand the rule to support a finding that a default judgment obtained in 1995 is enforceable against Holmes.10
In an effort to provide further support for its proposed rule, the Fund directs our attention to two cases decided by district courts in New Jersey. In those cases, the lower courts extended our reasoning in Barker & Williamson to create a “judgment against one is judgment against all” rule that they applied to MPPAA controlled group situations where a pension fund sought to enforce a prior judgment against a newly-located member of the controlled group within the state statute of limitations for enforcement of judgments.11 Gotham Fuel, 860 F.Supp. at 1050; Able Truck, 822 F.Supp. at 1095. However, several factors counsel against reliance on the New Jersey district court cases cited by the Fund. Obviously, we are not bound by the manner in which the New Jersey district courts have interpreted the MPPAA and our relevant precedent. Furthermore, whereas the courts in Able Truck and Gotham Fuel indicated that the actions before them were characterized as actions to enforce prior default judgments, applying such a view in this case would require us to substantially recharacterize the action originally set forth in the Fund’s complaint, as we explained above. We are simply unwilling to do so. Finally, a key distinction separates the facts before us from those at issue in Able Truck and Gotham Fuel and convinces us that the Fund is time-barred from proceeding with this action. The defendants in both of the New Jersey district court cases conceded membership in the relevant controlled [300] groups, leaving no unresolved issues that would require arbitration pursuant to the MPPAA. Thus, those courts were able to apply the state enforcement statutes of limitations without implicating other MPPAA provisions that would require resolution through arbitration. Indeed, those district courts emphasized this fact as they reached their conclusions extending the liability determined in prior judgments to the new parties before them. See Gotham Fuel, 860 F.Supp. at 1048 (“It is conceded that defendants ... were, as of the date of the withdrawal, members of a controlled group with the contributing employer....”); Able Truck, 822 F.Supp. at 1093-94 (“Defendants do not deny that [they] were members of a controlled group with [the withdrawing company at the relevant time]. Thus, the only contested issue is whether plaintiffs action is timely.”).
Here, Holmes cites the sale of his interests in all of his businesses and his retirement to Florida, and vigorously objects to any claim that he should be deemed a controlled group member at the time of the withdrawal, leaving us faced with a dispute that would require arbitration as dictated by the MPPAA, including its statute of limitations provision.12 Thus, we think that the ultimate problem with the Fund’s position is the fact that there has been no finding here by any court or arbitrator that Holmes was an employer or a member of the controlled group within the meaning of the MPPAA at the time Kero withdrew from the Fund. We conclude that such a finding would be a necessary predicate to our even considering the application of the Barker & Williamson rule, and to any proposed extension thereof. See supra note 10.
C.
Hoping to avoid the need to obtain such a finding, the Fund seeks to have the 1995 judgment enforced against Holmes by asserting a challenge to the sale of Holmes’s companies, saying that the purpose of that transaction was to evade withdrawal liability. So, under the MPPAA, since any transaction undertaken for the “principal purpose” of evading or avoiding withdrawal liability must be disregarded, Holmes’s sale should be ignored. 29 U.S.C. § 1392(c). In other words, an employer might still be responsible for withdrawal liability, even after he sells his businesses, if the purpose of the sale is deemed to bring the transaction within the scope of § 1392(c). Here, the Fund urges that Holmes’s sale of Kero and his other businesses to Route Resources, which occurred prior to Kero’s withdrawal from the plan, should not shield him from liability. We are unconvinced by this theory as well.
According to the Fund, we must accept its assertion, stated for the first time in its 1998 complaint, that Holmes’s sale of his companies to Route Resources was undertaken so that he could avoid withdrawal liability under the MPPAA. Based on that assertion and its theory that “judgment [301] against one is judgment against all” under the MPPAA’s controlled group provision, the Fund contends that we must disregard Holmes’s sale, find that he was in the controlled group with Kero and is thereby responsible for the withdrawal liability, and allow the Fund to enforce the 1995 default judgment against Holmes.
It is true that, in an arbitration proceeding, a pension fund’s finding that a defendant engaged in a transaction described in the “evade or avoid” provision of the MPPAA is accorded a presumption of correctness, which must be overcome by proof to the contrary offered by the defendant. See 29 U.S.C. § 1401(a)(3)(A). And the Fund is correct that a court may not evaluate whether a company, which has already been deemed to have been a member of the controlled group at one time prior to the withdrawal, has engaged in a transaction to evade liability.13 See Flying Tiger, 830 F.2d at 1247. However, this does not mean that we must allow a pension fund to bring a claim against a defendant, alleging for the first time that he engaged in a transaction with a purpose of evasion and is thus liable, after the six year limitations period under the MPPAA has expired. Neither does it imply that we must entertain such an action when a pension fund asserts it under the guise of enforcing a judgment, conclusive as to liability.
We are not persuaded that the MPPAA allows a pension fund, once it has obtained a default judgment within the six year period, to initiate a string of suits against purported members of a controlled group anytime in the following twenty year period. This strikes us as especially troublesome in view of the fact that, if permitted to avoid the MPPAA’s statute of limitations here and force Holmes to litigate this matter beyond the statutory period, the Fund would have managed to do so by merely adding a simple paragraph to its complaint alleging that Holmes’s sale of his businesses “was to evade or avoid withdrawal liability.”14 It is one thing to allow collection of a judgment against those clearly liable, as the New Jersey district courts have done, but quite another to sanction an attempt to bypass the MPPAA’s limitations provision and litigate issues related to withdrawal liability in such a belated action. We hold that an [302] “evade or avoid” determination must be asserted, allowing for the necessary arbitration proceedings that would be governed entirely by provisions of the MPPAA, within the six year statute of limitations that governs proceedings involving the MPPAA. Thus, applying the plain language of the statutory provisions, the Fund is time-barred from raising and litigating the issue of whether Holmes’s sale of his companies to Route Resources in 1988 was undertaken in order to evade or avoid Kero’s withdrawal liability.
The dissent asserts that our ruling will vitiate the remedial purpose of the MPPAA and do an injustice to pension funds seeking to enforce judgments related to delinquent withdrawal liability payments. But we do not view our opinion as doing either of those things. It is true, as we have previously observed, that the MPPAA sets up a single-employer, or controlled group, scheme because a fund “has no way of knowing the ownership of a closely held corporation.” Barker & Williamson, 788 F.2d at 128. But we made that observation in the context of a case involving notice of withdrawal liability, which, under the MPPAA, must be given “as soon as practicable.” 29 U.S.C. § 1399(b)(1). Thereafter, a pension fund has six full years to investigate and prepare to bring a cause of action to recover the withdrawal liability in a district court. 29 U.S.C. § 1451(f). Congress elected to create a relatively long limitations period to govern actions brought under the MPPAA, giving pension funds adequate time to locate corporations and persons who are potentially responsible for withdrawal liability. See Central States, Southeast & Southwest Areas Pension Fund v. Navco, 3 F.3d 167, 171 (7th Cir.1993), abrogated on other grounds by Bay Area, 522 U.S. at 194, 118 S.Ct. 542.
On the other hand, the MPPAA is a remedial statutory scheme which is to be “liberally construed in favor of protecting the participants in employee benefit plans.” Id. at 127. The discrete six year limitations period furthers this goal, requiring a fund to act expeditiously in pursuing payment from members of a controlled group, rather than allowing such claims to languish over a twenty year limitations period.15 Accordingly, Congress has given funds sufficient time to discover the owners of closely held corporations and trace the paths of complicated sales transactions, while at the same time encouraging funds to act in a manner that serves the best interests of the plan participants.
V.
Because we agree with the District Court that this matter should have been dismissed as untimely, Holmes is entitled to a reimbursement of the interim payments he made while the action was pending. See 29 C.F.R. § 4219.31(d) (requiring a plan sponsor to refund overpayments of withdrawal liability). The Fund does not dispute the fact that, given our conclusion regarding the statute of limitations, it is required to return some portion of Holmes’s payments. However, the Fund does assert that the return of certain amounts described in the District Court’s judgment would violate ERISA’s anti-in-urement provision. See 29 U.S.C. § 1103(c) (preventing plan assets from [303] inuring to the benefit of an employer). Specifically, the Fund asserts that it should only be required to return the interim payments made by Holmes — the return of which is explicitly provided for in an exception to the anti-inurement provision of ERISA, see 29 U.S.C. § 1103(c)(3) — without having to return his payments of attorneys’ fees and costs, and without having to pay interest on the total amount.
A.
We agree with the Fund that it should be permitted to retain the payments of attorneys’ fees and costs. A few more facts are necessary here in order to understand the context in which these payments were made, as well as our decision to allow the Fund to keep them. In the District Court’s first order referring this matter to arbitration, the Court ordered Holmes to begin making interim withdrawal liability payments to the Fund in accordance with 29 U.S.C. § 1399(c)(2). Following this decision, Holmes refused to make the interim payments that had come due between the date that he received the complaint and the date that the Court ordered him to make the payments. The Fund filed a Motion for Entry of Judgment, seeking the overdue payments, and Holmes filed a Motion for Clarification, asking whether the Court’s order mandated the backpayments. After determining that its order had been clear and that Holmes was responsible for making the overdue payments, the Court entered judgment for the delinquent payments and ordered Holmes to pay any attorneys’ fees and costs associated with the Fund’s efforts to secure payment pursuant to the original order.
In its final order related to this matter, after dismissing the Fund’s action based on the statute of limitations, the District Court included these attorneys’ fees and costs paid by Holmes in the total amount the Fund was ordered to return to him. The Fund offers two reasons explaining why it thinks the District Court erred, and why it should not have to return that portion of the total amount: first, the Fund notes that the payment arose from Holmes’s failure to comply with a court order; and second, the Fund urges that the payments are now plan assets, which cannot be returned absent a specific statutory exception to the anti-inurement provisions of ERISA. We agree that, for the first reason offered by the Fund, Holmes is not entitled to reimbursement of these costs and fees.
Regardless of the ultimate disposition of the case, Holmes had an obligation to comply with the District Court’s orders that preceded its final judgment. By refusing to obey the initial order regarding interim payments, Holmes forced the Fund to engage in further litigation in order to secure enforcement of what was at the time a valid order of the District Court. The subsequent determination regarding the untimeliness of the Fund’s action does not serve to negate the costs incurred due to Holmes’s wrongful failure to make the interim payments ordered by the Court. Thus, we will reverse the District Court’s judgment insofar as it orders the Fund to reimburse Holmes for the payments of these attorneys’ fees and costs.16
[304] B.
The second issue related to the reimbursement amount involves the District Court’s award of interest and its use of the interest rate set forth in the Fund’s plan agreement as the interest rate applicable to delinquent contributions and payments. The Fund contends that it should not be required to pay interest on the amount of the reimbursement, and, in the alternative, that the interest rate should be based on prevailing market rates. We reject both of these arguments. As to the Fund’s obligation to pay interest, we are bound by a prior decision of our court. See Huber v. Casablanca Indus., Inc., 916 F.2d 85, 103 (3d Cir.1990) (holding that an ERISA fund may be required to pay interest on refunds of withdrawal liability overpayments).17 In Huber, we examined a regulation promulgated by the Department of Labor allowing for the payment of interest on overpayments under the MPPAA, and we deferred to the agency’s reasonable construction of the MPPAA and the anti-inurement provision of ERISA.18 See 29 C.F.R. § 4219.31(d) (“The plan sponsor shall credit interest on the overpayment from the date of the overpayment to the date on which the overpayment is refunded ....”); see also Chevron, 467 U.S. at 844, 104 S.Ct. 2778. In light of this binding precedent, the District Court was correct to include an award of interest in its judgment order outlining the amount of Holmes’s reimbursement.
Regarding the interest rate to be applied when a fund reimburses an employer for overpayments of withdrawal liability, we again look to the Department of Labor’s regulation for guidance. According to 29 C.F.R. § 4219.31(d), the Fund must credit interest on the overpayment “at the same rate as the rate for overdue withdrawal liability payments.” 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 to 29 C.F.R. § 4219.33, which allows ERISA funds to adopt reasonable rules setting out interests rates that will apply to overdue or overpaid withdrawal liability. Here, the Fund’s plan agreement sets the interest rate for overdue withdrawal liability at ten percent, and the Court applied that rate in constructing its judgment order. We see no basis for questioning that determination. While thé rate set by the Fund might be slightly higher than the current prevailing [305] market rate, the average rates over time have been recorded both above and below ten percent. Further, we note that it seems somewhat problematic for the Fund to be challenging its own rate as being unreasonable, while it presumably continues to apply that rate against employers with delinquent plan contributions and overdue withdrawal liability payments. In any event, we conclude that the District Court’s award of interest at a rate of ten percent was proper.
VI.
Accordingly, we will AFFIRM the order of the District Court granting summary judgment in favor of Holmes and dismissing the Fund’s action as untimely. We will also AFFIRM the judgment of the District Court to the extent that it orders the Fund to reimburse Holmes in the amount of his interim payments, the interest he paid, and interest on that amount to be computed at a rate of ten percent. However, we will REVERSE the judgment of the District Court to the extent that it orders the Fund to return the attorneys’ fees and costs paid by Holmes.