Get more! Sign up for PLANSPONSOR newsletters.
Compliance July 13, 2007
PBGC Takes On Keller Manufacturing Pension Plan
July 13, 2007 (PLANPONSOR.com) - The Pension Benefit
Guaranty Corporation (PBGC) said it would take over the
pension obligations of Louisville, Kentucky-based Keller
Manufacturing, whose pension plan is 66% funded.
Reported by Adrien Martin
According to a press release from the private sector pension insurer, the furniture manufacturer’s plan covers 477 former employees and has $9 million in assets to cover $13.5 million in liabilities, leaving a $4.6 million gap for which the PBGC will assume responsibility.
The agency found that the company would not be able to continue operating unless they terminated the plan, which occurred on July 26, 2006.
You Might Also Like:
PBGC Rescues Teamsters and UFCW Plans
The two local plans received SFA grants to protect their solvency through 2051.
Central States Has Repaid SFA Overpayment
The multiemployer plan was overpaid $127 million for the accidental inclusion of about 3,500 dead participants in their grant application.
Comment Period Extended for SECURE 2.0 Reporting, Disclosure Rules
Federal agencies are seeking advice on how to improve the reporting and disclosure system for retirement plans governed by ERISA.