The PBGC is taking over a pension plan sponsored by Hayes Lemmerz International Inc., Northville, Mich.
The Hayes Lemmerz plan has $204.8 million in liabilities and $110.4 million in assets. The Pension Benefit Guaranty Corp. said it expects to cover $93.7 million of the $94.4 million funding shortfall.
The plan, which has been frozen since 2004, has about 4,700 participants.
Hayes Lemmerz, which filed for bankruptcy in May, hasn't met minimum funding requirements and the company cannot afford to fund the plan to reorganize successfully, the PBGC said.
Jerry Geisel is editor-at-large at Business Insurance, a sister publication of Pensions & Investments.