The PBGC has taken over the $9 million Retirement Plan of Niagara Falls Memorial Medical Center, Niagara Falls, N.Y., after the plan missed $7 million in pension contributions, according to a PBGC news release.
The plan, which covers 1,200 workers and retirees of the medical center, is 54% funded, with liabilities of $21 million. The PBGC will assume responsibility for about $7.6 million of the shortfall.
Niagara has not contributed to the plan since September 2006, according to the PBGC.
