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.
