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Is Westinghouse pension plan melting down? Depends on how you calculate it

Westinghouse's pension plan looked to be fully funded in its most recent report to the Department of Labor in 2015 -- but the PBGC says it's underfunded by millions.

By Marlene Y. Satter | Updated on September 25, 2017
Westinghouse's pension plan looked to be fully funded in its most recent report to the Department of Labor in 2015 -- but the PBGC says it's underfunded by millions. (Photo: Getty)

Not only is U.S. nuclear power firm Westinghouse Electric Co. LLC bankrupt and on the mat after a failed reactor project, its employees have been given another dose of bad news—something that came as a surprise: According to the U.S. government’s pension insurer, its retirement plan has a massive shortfall.

Reuters reports that although the vast majority of bankrupt companies with major pension deficits indicate that underfunding years before they file for Chapter 11, such is apparently not the case for Westinghouse, whose Westinghouse Electric Co Pension Plan, with about 9,700 participants, looked to be fully funded in its most recent report to the Department of Labor in 2015.

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