Company bankruptcy and pension plans
COMPANY BANKRUPTCY AND PENSION PROTECTION
1875—the first large private pension fund started by The American Express Co. in the railroad industry—always a method to retain essential workers—also a concept borrowed from Bismarck, a real cultural shift in the “self-reliant” U.S.—the first public pension plan was the New York City Police Force Plan in 1857— a pension plans ...
[DOC File]Pension protection - CCBC Faculty Web Server
https://info.5y1.org/company-bankruptcy-and-pension-plans_1_4e9b0b.html
Companies that continued their pension plans following a bankruptcy filing include Great Atlantic & Pacific Tea Company (A&P), with more than 26,000 people, Lee Enterprises, with 4,200, and Houghton Mifflin Harcourt Publishing with 4,000.
RETIREMENT & INSURANCE
United Airlines and US Air recently used chapter 11 as a means of jettisoning over $9.6 billion in employee pension liabilities by obtaining bankruptcy court approval to terminate their pension plans. Delta and Northwest, both of which filed for chapter 11 protection on September 14, 2005, may seek to …
[DOC File]United Air Wins Right to Default on Its Employee Pension Plans
https://info.5y1.org/company-bankruptcy-and-pension-plans_1_f38842.html
Although the bankruptcy court approved the temporary deferral of the September 15th payment of $4.25 million, the Company’s failure to make the required ERISA minimum funding contribution has resulted in an accumulated funding deficiency for the Plan, which subjects the Company, and all members of the Company’s controlled group, to two ...
[DOC File]The Broken Promise - The University of New Mexico
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A multi-employer pension plan is a plan to which more than one employer contributes and which is maintained pursuant to collective bargaining contracts between the employers and a union or unions. (29 U.S.C. § 1301(a)(3)). Such plans are jointly trusteed and administered under Section 302 of the Labor Management Relations Act, 29 U.S.C. § 186.
[DOCX File]Keeping Bankruptcy Both Efficient and Fair - ABI
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The amount of benefits that PBGC guarantees is determined as of the plan termination date. However, if a plan terminates during a plan sponsor’s bankruptcy and the bankruptcy proceeding began on or after September 16, 2006, then the amount guaranteed is determined as of the date the sponsor entered bankruptcy.
[DOC File]Settlement Agreement with PBGC Did Not
https://info.5y1.org/company-bankruptcy-and-pension-plans_1_79b7de.html
An Analysis of Frozen Defined Benefit Plans. Summary. While a number of high-profile pension plan terminations have received widespread attention in recent years, a related and equally important issue is the degree to which companies that sponsor ongoing pension plans are “freezing” benefits.
[DOC File]APPENDIX A TO §2520 - DOL
https://info.5y1.org/company-bankruptcy-and-pension-plans_1_c00813.html
By MICHELINE MAYNARD . May 11, 2005 NYTimes.com. United Airlines, which is operating in bankruptcy protection, received court permission yesterday to terminate its four employee pension plans, setting off the largest pension default in the three …
[DOC File]Frozen Plans - Pension Benefit Guaranty Corporation
https://info.5y1.org/company-bankruptcy-and-pension-plans_1_07a125.html
Bethlehem Steel eventually filed for bankruptcy, and the PBGC took over its pension plans--which were short $3.7 billion. The company, once America's second largest steelmaker, no longer exists. In the Top 50 pension deadbeats of 1990, the PBGC reported that the funds of Pan Am Corp., operator of what was once the premier global airline, had ...
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