Business Services Industry
Late News.(brief items)
Business Insurance, March, 2003
PBGC to take over WHX pension plan The Pension Benefit Guaranty Corp. said it would terminate a plan sponsored by New York-based WHX Corp. The plan covers employees and retirees of two subsidiaries-bankrupt steel manufacturer Wheeling Pittsburgh Steel Corp. of Wheeling, W.Va., and Handy & Harman, a diversified industrial manufacturer.
The plan, which has about 9,400 participants, has about $443 million in liabilities and $300 million in assets. The PBGC estimates that it will be liable for about $65 million of the $143 million in total underfunding. Workers comp trends hit Costco bottom line Trends in workers compensation costs-especially in California-contributed to a $26 million pretax charge in Costco Wholesale Corp.'s second-quarter results. Costco...
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