In late December, NewPage Corp., one of the largest U.S. producers of coated-paper, left bankruptcy with both of its pension plans going.
NewPage's achievement follows other companies that successfully reorganize their finances without gutting the retirement security of current and former employees. The company's two plans support the retirement incomes of more than 13,000 people.
There's no better way to have a secure retirement future than a lifetime income that you can't outspend. That's why we applaud companies that find a way to maintain their plans, even through bankruptcy.
We always take an active role in bankruptcies to help plans stay open and pay benefits. In fiscal year 2012, those efforts kept more than $12 billion in unfunded pension liabilities off our books and helped nearly 200,000 people keep the benefits they earned.
NewPage of Miamisburg, Ohio, sought bankruptcy protection in September 2011, with $3.4 billion in assets and $4.2 billion in debt. The company has operations in Wisconsin, Minnesota, Michigan, Kentucky, Maryland and Maine.