PBGC takes over Weirton Steel's pension plan

PBGC takes over Weirton Steel’s pension plan

According to market reports, The Pension Benefit Guaranty Corp. (PBGC), a US agency which financially supports failing pension plans, is to take over pension plan of the US integrated steel company Weirton Steel due to underfunding. The company stated that going under bankruptcy had exceedingly effected the pension plan negatively. Both PBGC and Weirton Steel reported that although most of the current retirees won't be effected by this takeover, the plan won't be adventageous once it is undertaken. Weirton's requirements for the funding of the pension plan which covers around 9.200 workers were expected to be $375 million.