Time & Attendance
Prevent Call Outs
Implementation & Launch
By Staff Report
May. 22, 2009
The Pension Benefit Guaranty Corp. has taken over the defined-benefit pension plan of Foamex, a Media, Pennsylvania-based foam products producer.
Foamex is under Chapter 11 bankruptcy protection and is preparing to sell its assets in a deal that would not include the pension plan, according to the PBGC.
The Foamex plan, which has about 5,500 participants, is about 48 percent funded, with $74 million in assets to cover about $153 million in liabilities. The PBGC expects to cover $76 million of the $79 million shortfall.
The Foamex plan was frozen as of March 16, 2005, for all participants except some hourly workers at company plants in Eddystone, Pennsylvania, and Tupelo, Mississippi, according to the PBGC.
Filed by Doug Halonen of Business Insurance, a sister publication of Workforce Management. To comment, e-mail firstname.lastname@example.org.
Workforce Management’s online news feed is now available via Twitter
Schedule, engage, and pay your staff in one system with Workforce.com.
federal law, minimum wage, pay rates, state law, wage law compliance
Staffing Management4 proven steps for tackling employee absenteeism
absence management, Employee scheduling software, predictive scheduling, shift bid, shift swapping
Time and Attendance8 ways to reduce overtime and labor costs
labor costs, overtime, scheduling, time tracking, work hours
Don't miss out on the latest tactics and insights at the forefront of HR.