The PBGC said it has taken over six underfunded pension plans sponsored by specialty metal products manufacturer Crucible Materials Corp., Syracuse, N.Y.
The Pension Benefit Guaranty Corp. said today it acted because the company is liquidating in Chapter 11 bankruptcy protection and no entity will be left to administer or finance the six plans.
The plans, which have about 3,600 participants, are a combined 58% funded with $147.1 million in assets and $277.3 million in liabilities, according to the PBGC. The PBGC said it expects to be liable for $106.4 million of the $130.2 million shortfall.
Jerry Geisel is editor-at-large at Business Insurance, a sister publication of Pensions & Investments.