Vedder Thinking | News Charles Wolf Comments on Coal Industry Pensions for the Wall Street Journal
April 23, 2015
Charles B. Wolf, a Vedder Price Shareholder and member of the firm's Labor & Employment group, was quoted in a recent Wall Street Journal article titled "Coal Companies Get Reprieve on Pension Costs."
The article focuses on the United Mine Workers of America and its UMWA 1974 Pension Plan and Trust, which has suffered due to significantly increased liabilities in the coal industry and falling coal prices. The plan is currently underfunded by about $2 billion, and the trustees have recently adopted a rehabilitation plan.
Mr. Wolf commented, "It does sound like there is nothing the remaining employers could do realistically that could make this plan financially solvent. It’s just a very sad situation."
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