PBGC takes over Findlay Industries plan
By Hazel Bradford | February 4, 2013 3:35 pm
The PBGC has taken over the pension fund of Findlay Industries, the agency announced Monday.
The private automotive parts manufacturer based in Findlay, Ohio, ceased operations in July 2009 and was liquidated that year, at which time the Findlay Industries Inc. Pension Plan was terminated.
PBGC spokesman Marc Hopkins said the company continued to make its pension contributions through 2010, but missed payments in 2011. The plan was being administered by former management employees of the company until the PBGC took it over.
According to PBGC estimates, the plan is 51% funded, with $24.4 million in assets and $47.7 million in liabilities. The PBGC will cover nearly all the $23.3 million shortfall.