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Compliance May 11, 2011
PBGC Negotiates Pension Funding for EGS Electrical Group Plan
May 11, 2011 (PLANSPONSOR.com) - The Pension Benefit Guaranty Corporation announced an agreement with EGS Electrical Group, LLC to improve funding for a pension plan covering more than 650 of the company's workers and retirees.
Reported by Rebecca Moore
Under the agreement, the company will pay $918,799 to the EGS Electrical Group, LLC Pension Plan for Bargaining Unit Employees by June 2014. The payments are in excess of the company’s required plan contributions.
The agency said the agreement stems from the November 2009 shutdown of a manufacturing facility in Shoemakersville, Pennsylvania.
“We work with companies to make pension plans stronger for the people who need them,” said PBGC Director Josh Gotbaum, in the announcement. “We appreciate EGS Electrical’s help in giving their employees a more secure retirement future.”