The PBGC said it stepped in because FormTech is liquidating in bankruptcy proceedings, and there will be no sponsor left to fund or administer the plan.
The agency estimates the FormTech Industries LLC Pension Plan is 38% funded, with assets of $2.23 million to cover $5.86 million in benefit liabilities. The PBGC expects to be responsible for $2.05 million of the $3.63 million shortfall.
The plan ended on December 31, 2009, and the agency assumed responsibility for the plan on September 10, 2010.