“The passage of this pension plan interest rate stabilization is very positive for Standard Register,” said Joseph P. Morgan, Jr., president and chief executive officer. “We are committed to fully funding our pension liability. This short-term funding relief provides us with the ability to use the cash to invest in growing our business and accelerating our strategy.”Morgan also reinforced that the savings expectations are preliminary estimates. The Internal Revenue Service (IRS) will determine the 25-year average rates on an annual basis and may prescribe equivalent rates for any years in the 25-year period for which segment rates determined under the regular rules are not available. MAP-21 also includes an increase in future Pension Benefit Guarantee Corporation (PBGC) premiums. Standard Register intends to provide updates to these preliminary estimates when details of the legislation are finalized.
Standard Register Expects To Reduce Pension Contributions Through 2014 Under New Legislation
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