The PBGC assumed responsibility for the underfunded pension plan of Union Stamping & Assembly Inc., South Charleston, W.Va., according to a news release. The plan has assets of about $1.5 million to cover $3.2 million in benefit liabilities; the agency expects to be responsible for the entire $1.7 million shortfall.
The plan was terminated Oct. 31, 2006, after the company’s assets were sold in bankruptcy proceedings. The PBGC took it over Aug. 13.
