Corp. Takes Over CSC Pension Plans
Mar. 28, 2002
WARREN, Ohio (AP) _ The Pension Benefit Guarantee Corp. has taken over the underfunded pension plans of about 1,000 former employees of the bankrupt steel maker CSC Ltd. of Warren, the federal agency said Thursday.
The plans were underfunded by about $56 million, according to the agency, which said workers and retirees do not need to take any action.
PBGC operations are financed through insurance premiums paid by companies that sponsor pension plans.
CSC filed for bankruptcy protection on Jan. 12, 2001, and ended steelmaking operations two months later.
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