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.

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.