The PBGC announced that it has reached agreement with Western Union to attempt to strengthen the financial status of the company’s pension plan.
Document Excerpt
WASHINGTON—The Pension Benefit Guaranty Corporation (PBGC) today announced that it has reached a $4.1 million agreement with Western Union Financial Services Inc. of Englewood, Colo., to strengthen funding of its retirement plan.
Unlike situations where the PBGC assumes responsibility for pension plans that can no longer pay benefits, the Western Union Financial Services Inc. Pension Plan, which covers more than 890 workers and retirees, remains ongoing and under the company’s sponsorship. Under the agreement, Western Union is putting more money into the plan for the benefit of participants and to reduce risk to the PBGC insurance program by enhancing the plan’s financial health.
The agreement stipulates that on or before Sept. 11, 2009, Western Union will make a $4.1 million cash payment for the 2008 plan year that will be in addition to any required payments to the pension plan.
Link http://www.pbgc.gov/media/news-archive/news-releases/2009/pr09-55.html
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