PBGC Takes Reins Of Werner's Pension Program

Law360, New York (October 19, 2007, 12:00 AM EDT) -- The Pension Benefit Guaranty Corporation said Thursday that it will assume responsibility for more than 1,460 workers and retirees of the liquidated Werner Holding Co., to the tune of about $28 million.

The PBGC said that it estimates that the Retirement Plan for Employees of Werner Holding Co. Inc. is 58% funded, with about $38 million in assets to cover $66 million in benefit liabilities. The agency said it expects to be responsible for the entire $28 million shortfall.

The agency said that retirees will continue...
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