LOUISVILLE, Ky. -- The Keller Manufacturing Company, Inc., an Indiana corporation ("Keller") (Pink Sheets: KMFI), announced today that it has entered into a settlement agreement with the Pension Benefit Guaranty Corporation ("PBGC") in connection with the termination of The Keller Manufacturing Company, Inc. Employees' Pension Plan (the "Plan"). Keller had...
The Pension Benefit Guaranty Corporation PBGC is the U.S. government corporation that insures benefits for workers and retirees covered by defined benefit pension plans plans. When a plan is terminated, the PBGC is able to take over the plan's assets, but is also responsible, subject to limitations, for insuring payment...
Byline: MATT SCROGGINS WASHINGTON-The Pension Benefit Guaranty Corp. reported an improvement in its financial position for its 2006 fiscal year, with the agency's deficit narrowing to $18.1 billion from $22.8 billion a year ago. Much of the $4. Byline: MATT...
WASHINGTON, Aug. 4 /U.S. Newswire/ -- U.S. Secretary of Labor and Pension Benefit Guaranty Corporation PBGC Board Chairman Elaine L. Chao issued the following statement on the passage of Comprehensive Pension Reform: WASHINGTON, Aug. 4 /U.S. Newswire/ -- U.S. Secretary of Labor and Pension Benefit Guaranty Corporation PBGC Board Chairman...
MCLEAN, Va. -- ATS Corporation ("ATSC" or the "Company") (OTCBB:ATCT.OB), today announced that it has been awarded the Pension Benefit Guaranty Corporation Participant Applications Maintenance Team ("PAMT") Contract. The BPA contract award has a five year period of performance including the base year and four option years with an initial...
WASHINGTON - The PBGC unveiled new guidance this month clarifying how it will decide on waiving financial penalties when a company is late with its pension plan premium payments. Under PBGC regulations, late payments are subject to a penalty of 1% WASHINGTON -...
The recent failures of several very large corporations with severely underfunded pension plans (e.g., United Airlines, U.S. Airways, and Bethlehem Steel) have made the risk exposure of the Pension Benefit Guaranty Corporation PBGC, the government The recent failures of several very large corporations with...
On June 1, the Pension Benefit Guaranty Corporation issued final regulations mandating the electronic filing of PBGC premium forms. With the increasing use of the Internet for many business and personal transactions, including filing many Internal Revenue On June 1, the Pension Benefit Guaranty Corporation issued final regulations mandating the...
Byline: Jerry Geisel The final chapter of the top employee benefits story of 2005-the congressional drive to tighten defined benefit pension plan funding rules-likely will be written in the first months of 2006. Like a good novel, this story has Byline:...
Byline: Doug Halonen WASHINGTON - President Bush's proposed bailout legislation for the Pension Benefit Guaranty Corp. is likely to sink in Congress, industry lobbyists said. The proposal, included in the president's fiscal 2008 budget, is aime Byline: Doug Halonen ...
ST. LOUIS - The PBGC took over two pension plans of St. Louis-based Falcon Products Inc., confirmed Gary Pastorius, a PBGC spokesman. In a settlement reached by the company and the PBGC in October, the agency agreed to take over two plans. The U.S. B ST....
CHICAGO - UAL Corp. resolving objections by the PBGC and several other creditors over wording in the company's Chapter 11 bankruptcy reorganization disclosure statement. Judge Eugene R. Wedoff of the U.S. Bankruptcy Court in Chicago on Oct. 21 aut CHICAGO - UAL Corp....
Byline: Jenna Gottlieb WASHINGTON - Corporate defined benefit plans will be footing the bill for reducing the PBGC deficit, and many might not be around to pay up, some industry executives predict. At issue are proposals to raise the per-partici Byline:...
MCLEAN, Va. -- ATS Corporation ("ATSC" or the "Company") (OTCBB:ATCT.OB), today announced that it has been awarded the Pension Benefit Guaranty Corporation My Pension Benefit Administration ("My PBA") Contract. The contract award has a five year period of performance including the base year and four option years with an estimated...
The Pension Benefit Guaranty Corporation PBGC has proposed an expanded enforcement program that includes a new penalty structure for administrators of underfunded pension plans that fail to inform participants of their plan's funded status and the PBGC's guarantee limits.
The Pension Benefit Guaranty Corporation PBGC has created a Voluntary Correction Program VCP that allows plan administrators to correct their failure to comply with the PBGC's participant notice requirements. The VCP, which was announced at the same time as the PBGC's new participant notice penalty policy, generally covers participant notices...
The PBGC sold roughly $2.5 billion of shares it holds in UAL Corp., parent of United Airlines, said Jeffrey Speicher, PBGC spokesman. "Total sale proceeds amounted to about $450 million, or 18 cents on the dollar .... About 30% of the recovery The PBGC...
Byline: Arleen Jacobius WASHINGTON - Major players in private equity and real estate secondary markets are lining up to buy any interests the PBGC inherits from bankrupt airlines. The airlines - specifically United, Delta, Northwest and US Air - Byline: Arleen...
The time has come for Congress to make hard decisions concerning the Pension Benefit Guaranty Corp. The best decision for taxpayers, and, ultimately all employers and employees, would be to freeze the PBGC's obligations at their present level. Tha The time has come...
Byline: JERRY GEISEL WASHINGTON-Employers with large underfunded pension plans soon will have to file electronically to the Pension Benefit Guaranty Corp. certain financial and actuarial information under a final PBGC rule. In addition, another Byline: JERRY GEISEL ...
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