The PBGC has taken over the pension plan of Rand McNally & Co., Skokie, Ill.
Rand McNally sold its assets to satisfy obligations to its secured creditors last year, after emerging from Chapter 11 bankruptcy protection proceedings, according to a PBGC news release. The PBGC said it stepped in because the pension plan faced abandonment following the sale of substantially all of the companys assets.
The pension plan, covering about 760 former employees, is about 72% funded, with assets of $19 million to cover liabilities of about $26.4 million, the news release said.
The plan was terminated Dec. 6, 2007; PBGC became the plans trustee Aug. 14, the news release said.