The PBGC assumed responsibility for the defined benefit plans of Precision Custom Components LLC, York, Pa., a metal fabricator, according to a PBGC news release.
The plans, which cover a combined 960 workers and retirees, are 48% funded, with a combined $30 million in assets and $62 million in liabilities. The Pension Benefit Guaranty Corp. will pay guaranteed benefits earned under the plans with insurance funds, covering the entire $32 million in underfunding.
The plans were terminated on Dec. 31, 2007.
