For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.
Compliance October 18, 2007
PBGC Takes on Werning Holding Co. Pension Plan
October 18, 2007 (PLANSPONSOR.com) - The Pension
Benefit Guaranty Corporation will be taking on a
Pennsylvania-based ladder and climbing equipment
manufacturer's pension plan, which is 58% funded.
Reported by Adrien Martin
According to a press release , the private pension insurer will take on the entire $28 million shortfall of the Retirement Plan for Employees of Werner Holding Co. Inc., which covers 1,460 workers and retirees.
The plan has $38 million in assets to cover some $66 million in liabilities.
Werner Holding filed for Chapter 11 protection in the U.S. Bankruptcy Court in Wilmington, Delaware in June 2006. On April 25, 2007, thebankruptcy court approved the sale of substantially all of Werner Holding’s assets to WH Acquisition Co., an entity comprised of the company’s lien holders, but the transaction did not include the pension plan.