Armstrong Seeks to End All Post-Employment Benefits
Lancaster, PA, May 24, 2022-Armstrong Flooring, which filed for bankruptcy on May 9, hopes to unload debt by eliminating post-employment benefits, reports Lancaster Online.
“Armstrong Flooring wants to end all post-employment benefits, including life insurance and health insurance to retirees and will continue to make required payments. As of January 2021, there were 2,043 retirees receiving life insurance and 1,028 retirees, 563 spouses and 72 surviving spouses receiving health insurance, Armstrong said.
“Armstrong Flooring has two pension plans. One is the U.S. Qualified Pension Plan, which was created in 2016 when Armstrong Flooring spun off from Armstrong World Industries. The plan has 375 pensioners, according to the bankruptcy filings, and is closed to new participants. It is insured by the Pension Benefit Guaranty Corp. and is fully funded with a $23 million surplus.” The funds in this plan are seperate from AFI's corporate accounts and are not effected by the company's chapter 11 filing.
Armstrong reports that it has $577 million in assets.
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