The United Steelworkers union today asked the PBGC, the IRS and Congress to examine WHX Corp.'s request to postpone the contributions due its pension plan for 2006 and 2007. Union officials are concerned that the waiver request, made last week, will ultimately shift the burden to the PBGC, said union spokesman Santo Santoro.
WHX, which emerged from Chapter 11 bankruptcy protection last summer, is still responsible for the pensions of the employees who retired or accumulated benefits before the company gave up its equity ownership in Wheeling-Pittsburgh Steel Corp. in August 2003. At that time, the pension plan had $300 million in assets and $443 million in liabilities. WHX representatives were not available for comment at press time.
PBGC spokesman Jeffrey Speicher said he could not comment because any waiver request must first be processed by the IRS and would be confidential.