Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Electrolux Makes Pension Protection Deal
Dec 14, 2007
 Printable format
 Email this Article
 Search

Electrolux AB struck a deal with the Pension Benefit Guaranty Corp. (PBGC) worth US$77.5 million that is aimed at protecting the retirement benefits of more than 2350 former employees of Electrolux.

The agreement stems from the March 2006 closing of an Electrolux factory in Greenville, MI, U.S.

The Employee Retirement Income Security Act of 1974 requires the PBGC to seek financial protection for a pension plan when more than 20% of a company's employees who are covered by the plan lose their jobs due to a plant closing.

Under the agreement, Electrolux waived an existing $42.5 million credit balance in its pension fund that would have excused it from making further pension contributions up to that amount. The company also agreed to make $35 million in additional contributions to the pension plan over the next five years.

Back to Daily News

 

Daily News

...........................................................

Jul 29, 2014: Jarden Reports Record Net Sales in 2Q

Jul 29, 2014: LG USA Names VanderWaal to Head Marketing

Jul 29, 2014: Smart Meters May Provide An Entrance Point for Cyber Attacks on the Connected Home

Jul 29, 2014: TCL Will Manufacture Portable HVAC Equipment for Soleus Air

Jul 29, 2014: HVACR Contractors Outlook Remains Positive

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

March 2014: Market Research - 62nd Annual U.S. Appliance Industry Forecast
February 2014: Appliance Magazine Market Insight: December 2013
January 2014: Market Research - Appliance Historical Statistical Review: 1954-2012
January 2014: Appliance Magazine Market Insight: November 2013




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Pharmalive | Plastics Today | Powder Bulk Solids | Canon Trade Shows