State Z enacted a Private Pension Benefits Protection Act requiring private employers with one hundred or more employees to pay a pension funding charge for terminating a pension plan or closing an...

State Z enacted a Private Pension Benefits Protection Act requiring private employers with one hundred or more employees to pay a pension funding charge for terminating a pension plan or closing an office in State Z. Acme Steel Company closed its offices in State Z, whereupon the state assessed the company $185,000 under the vesting provisions of the Act. Acme challenged the constitutionality of the Act under the Contract Clause of the U.S. Constitution. Was the Act constitutional? Explain.