OTHER NEWS - July 4, 1992

Government Takes Over Munsingwear Pension Plans: The Pension Benefit Guaranty Corp. took over three underfunded pension plans of Munsingwear Corp. to protect 4,000 workers and retirees. The plans were underfunded by a combined $6 million, but the PBGC said it will recover $2 million through such means as acquiring stock in the newly reorganized company. Munsingwear, an apparel maker based in Minneapolis, filed for federal bankruptcy protection a year ago. The PBGC approved termination of the plans on July 3, 1991, after a bankruptcy court ruled that the company wouldn’t be able to reorganize unless the plans were ended. Munsingwear formally agreed to PBGC trusteeship Tuesday.