Search
 
News

Is Westinghouse's Pension Plan Melting Down?

Bankrupt company's funding calculations vary widely from those of the PBGC.

By Marlene Y. Satter, BenefitsPro | Updated on September 26, 2017

Not only is U.S. nuclear power firm Westinghouse Electric Co. LLC bankrupt and on the mat after a failed reactor project, its employees have been given another dose of bad news—something that came as a surprise: According to the U.S. government’s pension insurer, its retirement plan has a massive shortfall.

Reuters reports that although the vast majority of bankrupt companies with major pension deficits indicate that underfunding years before they file for Chapter 11, that was apparently not the case for Westinghouse, whose Westinghouse Electric Co Pension Plan, with about 9,700 participants, looked to be fully funded in its most recent report to the Department of Labor in 2015.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

NOT FOR REPRINT

© 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.

Dig Deeper

Recommended Stories

Fully Funded Pensions?

Fully Funded Pensions?

Tom Gresham |

According to Russell’s 2023 Prudent Pension Funding Report, 97% of corporate pension plans will reach ’healthy’ status within 10 years.

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2024 ALM Global, LLC. All Rights Reserved.