Business Services Industry
Late News; PBGC takes over Aloha Airlines plans.(Pension Benefit Guaranty Corp. has taken over three pension plans sponsored by Aloha Airlines Inc.)(Jeb Bush signs Fla. tort reform bill)(Texas hail storm losses could top $100M)
Business Insurance, May, 2006
The Pension Benefit Guaranty Corp. has taken over three pension plans sponsored by Aloha Airlines Inc., a Honolulu-based carrier that recently emerged from bankruptcy. The plans are 55% funded, with $190 million in assets and $345 million in liabilities, and the PBGC expects to be responsible for $117 million of the shortfall.
The financial impact to the PBGC of the takeover was included in the agency's 2005 financial statement. The agency earlier in the week said that it would begin reporting in news releases announcing plan takeovers whether it previously booked a plan as a probable loss and thus included it in its financial balance sheet. Mass. House overrides veto of employer charge The Massachusetts House of Representatives overwhelmingly voted to...
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