US - Rosemore has assumed direct responsibility for the pension plan sponsored by its subsidiary Crown Central Petroleum and Crown will contribute US$45m more to the plan by the end of 2005 than legally required under a deal struck with the Pension Benefit Guaranty Corporation (PBGC).
The pension plan of Crown, a refiner and marketer of petroleum products that is divesting its operations, is underfunded by US$113m on a termination basis, according to PBGC estimates. “This agr...
To continue reading this article...
Join Professional Pensions
- Unlimited access to real-time news, analysis and opinion from the industry
- Receive our in-depth monthly magazine in either print or digital format
- Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
- Receive important and breaking news stories selected by the Editors in our daily newsletter
- Hear from industry experts and other forward-thinking leaders
- Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date