Magnetek Expects Improved Pension Outlook with Passage of Pension Funding Relief

Magnetek, Inc. MAG today provided updated pension funding guidance based on recently passed pension funding legislation. Pension Funding Relief Legislation On June 29, 2012, the United States Congress passed highway reauthorization legislation known as the Moving Ahead for Progress in the 21st Century Act (“MAP-21”), which among other things, provides defined benefit pension plan sponsors with funding relief. MAP-21, signed into law on July 6, 2012, includes provisions regarding interest rate stabilization for pension plans as well as amendments regarding additional required pension disclosures and an increase in future Pension Benefit Guarantee Corporation (“PBGC”) premiums. As previously disclosed, Magnetek has an underfunded defined benefit pension plan that was frozen in 2003.