The PBGC took over the underfunded pension plans of two bankrupt companies — Forstman & Co. Inc., a defunct textile company, and Smith Corona Corp., a Cortland, N.Y.-based marketer of typewriters and related office equipment and products.
Forstman’s two pension plans, covering hourly and salaried employees, had combined assets of $27 million and liabilities of more than $31 million. The agency is terminating the pension plans retroactively as of Nov. 5, 1999, when Forstman shut its doors.
The underfunded pension plan for Smith Corona’s salaried employees had total assets of $42 million and liabilities of nearly $48 million, according to PBGC estimates. The company’s pension plan was shut down Aug. 2.
