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Compliance March 18, 2011
PBGC Negotiates with Company for $2.5M in Pension Funding
March 18, 2011 (PLANSPONSOR.com) - The Pension Benefit Guaranty Corporation has announced an agreement with Stahl USA Inc. to improve funding for a pension plan covering more than 150 of the company's workers and retirees.
Reported by
PLANSPONSOR staff
The agreement stems from the August 2009 shutdown of a manufacturing facility in Peabody, Massachusetts, a news release said.
Under the agreement, the company will pay $2.5 million to the Stahl USA Pension Plan by September 15, 2012. The payments are in excess of the company’s required plan contributions.
“PBGC works with companies to make their pension plans more secure for the people who count on them,” said PBGC Director Josh Gotbaum, in the news release. “We applaud Stahl USA for working with us, and we’re sure their employees and retirees do, too.”
Stahl USA is a subsidiary of Stahl Holdings BV, which is headquartered in the Netherlands. The company produces leather finishing products and high performance coatings.