PBGC action avoids $94m loss to program
US - The Pension Benefit Guaranty Corporation's (PBGC) has prevented Ohio company WCI Steel from abandoning its underfunded pension plan, avoiding a loss of $94m to the insurance program.
WCI’s corporate parent, The Renco Group, has agreed to assume sponsorship of the plan, sparing WCI workers from benefit reductions. The preventive action was based on provisions of federal pension law...
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