PBGC Snaps Up Boston Manufacturer's Plans

June 10, 2003 (PLANSPONSOR.com) - The federal pension insurer is taking over three pension plans underfunded by about $42 million from a bankrupt Boston-based chemical and machine tool manufacturing company.

>The Pension Benefit Guaranty Corporation (PBGC), which insures private sector defined benefit pension plans, said it was assuming responsibility for the plans from Goldman Group Inc. The three plans are:

  • Goldman Group Inc. Retirement Plan, mostly covering former salaried employees of Goldman Group Inc.; Hall Chemical Co., Wickliffe, Ohio; and Bryant Grinder Corp., Fellows Corp., Jones & Lamson Vermont Corp. and Jones & Lamson Metrology Corp., all based in North Springfield, Vermont
  • Bryant Grinder Corp. Pension Plan for Hourly Rate Employees
  • Fellows Corp. Hourly Plan

>The Goldman Group plan was terminated as of September 9, 2002, and the Bryant Grinder and Fellows plans were terminated as of May 31, 2002. Under federal pension law, the maximum pension guaranteed for workers in plans that terminated in 2002 is $3,579 a month (or $42,954 a year) for workers retiring at age 65.   Maximum guarantees are adjusted for retirees older or younger than age 65 and for those who choose survivor benefits.

>Workers and retirees do not need to take any action.   Those who have questions or wish to retire may contact the PBGC Customer Service Center toll-free at 1-800-400-7242.   For TTY/TDD users, call the federal relay service toll-free at 1-800-877-8339 and ask to be connected to


>Goldman Group also had facilities in Arab, Alabama; Bridgeport, Connecticut; and Gorham, Maine.

>The PBGC assumes responsibility for continuing pension coverage for workers and retirees at ailing or bankrupt companies. The agency gets funding from insurance premiums paid by covered companies and from its investment income.