The Pension Benefit Guaranty Corp. will assume the pension obligations of Walter Energy Inc., an Alabama-based coal company that is currently in bankruptcy proceedings.
More than 2,700 participants and retirees in the Pension Plan for Salaried Employees of Walter Energy Inc. Subsidiaries, Divisions and Affiliates will have their pensions protected, PBGC said in a statement.
The plan will end on Dec. 31, 2015.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
