Not only is U.S. nuclear power firm Westinghouse Electric Co.LLC bankrupt and on the mat after a failed reactor project, itsemployees have been given another dose of bad news—something thatcame as a surprise: According to the U.S. government’s pensioninsurer, its retirement plan has a massive shortfall.
Reuters reports that although the vast majority ofbankrupt companies with major pension deficits indicate that underfundingyears before they file for Chapter 11, such is apparently not thecase for Westinghouse, whose Westinghouse Electric Co Pension Plan,with about 9,700 participants, looked to be fully funded in itsmost recent report to the Department of Labor in 2015.
The Pension Benefit Guaranty Corp. has, contrary toWestinghouse’s own figures, estimated the pension plan isunderfunded by $937 million.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
