Thursday, September 8, 2011

USA/IRS Letter

USA is required by federal regulations to keep all pension plan participants informed relative to the progress of plan termination. The recent letter from USA to pension plan participants regarding the filing with IRS for qualification determination of plan termination is an expected part of the process. USA is required to seek approval from the Pension Benefit Guarantee Corporation (PBGC is a federal government agency) and the IRS as part of the plan termination. This IRS letter was expected and hopefully indicates the process is closer to resolution.