RSS icon

Top Stories

PBGC Takes Over Defined-Benefit Plan of Nortel’s U.S. Unit

July 20, 2009
Recommend (0) Comments (0)
Related Topics: Financial Impact, Benefit Design and Communication, Latest News
Reprints
The Pension Benefit Guaranty Corp. has taken over the underfunded defined-benefit pension plan of Nortel Networks Inc., the Nashville, Tennessee-based subsidiary of Canadian telecommunications company Nortel Networks Corp.

The plan is 58 percent funded, with $716 million in assets to cover $1.23 billion in liabilities. The PBGC said it will cover the entire shortfall.

The Nortel Networks plan has been frozen for all participants since December 31, 2007. The parent company is in Chapter 11 bankruptcy.

Filed by Timothy Inklebarger of Pensions & Investments, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.

Workforce Management’s online news feed is now available via Twitter.
 

Comments

Hr Jobs

Loading
View All Job Listings