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.
« Tax Court Rejects Hepatitis Early Withdrawal Penalty Exception