A court hearing is looking at whether employees of Wire Rope Corporation of America will still have a company pension plan. Wire Rope employees and retirees in St. Joseph have been told the plan is underfunded and will cost the company $21-Million, minimum, in the next four years. Wire Rope is in bankruptcy and says cancellation of its retirement fund is one thing that would make the company more attractive to investors. If a bankruptcy judge approves termination of the fund, employees and retirees would be protected by the Federal Pension Benefit Guaranty Corporation which was set up to guarantee payments from underfudned pensions.
You are here: / / Wire Rope Hopes to Dump Pension Plan