Compliance January 19, 2005

PBGC Assumes Responsibility for Murray Inc. Pension Plans

January 19, 2005 (PLANSPONSOR.com) - The Pension Benefit Guaranty Corporation (PBGC) has announced that it will assume responsibility for the pensions of about 4,500 employees of outdoor power equipment company Murray, Inc.
Reported by

>The Brentwood, Tennessee-based Murray, which had both the Pension Plan for Hourly Paid Workers and the Employees’ Retirement Fund Plan, filed for bankruptcy protection in November. Both plans are 53% funded, with $131 million in assets to cover $246 million in liabilities. The PBGC estimated that it must cover $103 million of the $115 million shortfall if no asset purchaser assumes the company’s pension plans and makes up for missed contribution when the company’s assets are sold Thursday.

“The PBGC is stepping in because Murray’s two pension plans face abandonment after the company liquidates,” said PBGC Executive Director Bradley Belt in a  press release . “The PBGC will pay retirees’ monthly benefit checks without interruption, up to legal limits, and will ensure other employees receive benefits when they are eligible to retire.”

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>After the PBGC becomes the company pension plan’s trustee – which should happen in a few weeks – the agency will notify plan participants of the change. Under the PBGC, the maximum guaranteed pension for those over 65 for a plan terminating this year is $45,613.

Compliance January 18, 2005

OSHA Notice Requirements Start February 1

January 18, 2005 (PLANSPONSOR.com) - Employers are required starting February 1 to post a workplace injuries and illness summary, according to the Occupational Safety and Health Administration (OSHA).
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>The OSHA announcement said employers are mandated to post OSHA Form 300A in the workplace from February 1 to April 30, 2005.   The summary must list the total numbers of job-related injuries and illnesses that occurred in 2004 and were logged on the OSHA 300 form.

>Employment information about annual average number of employees and total hours worked during the calendar year is also required to assist in calculating incidence rates. Companies with no recordable injuries or illnesses in 2004 must post the form with zeros on the total line. All establishment summaries must be certified by a company executive, the announcement said.

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>The form is to be displayed in a common area wherever notices to employees are usually posted. Employers must make a copy of the summary available to employees who move froms worksite to worksite as part of his or her job.

>Copies of the OSHA Forms 300, 300A and 301 are available at  http://www.osha.gov/recordkeeping/RKforms.html .

>More information on the recordkeeping requirement is at  http://www.osha.gov/recordkeeping/index.html .

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