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PBGC’s Weapon of Last Resort Brings Victory in St. Gobain
24 April 2014
The PBGC has settled its action to terminate the St. Gobain pension plan for an incremental $207 million contribution to the plan.
The PBGC acted after St. Gobain refused to discuss the effect of the proposed transaction on the plan and the PBGC.
Sponsors should anticipate inquiries from the PBGC when engaging in a transaction at a time at which their pension plans are significantly underfunded. By undertaking a constructive dialogue with the PBGC, sponsors can often address their concerns, with no or reasonable accommodations.
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