The PBGC took over the defined benefit pension plan of Fluid Routing Solutions Inc., Southfield, Mich., confirmed PBGC spokesman Marc Hopkins.
The Fluid Routing Solutions Employees’ Retirement Income Fund is 45% funded, with $23.9 million in assets and $53.6 million in liabilities. The Pension Benefit Guaranty Corp. will assume responsibility for $24.9 million of the $29.7 million shortfall.
The PBGC will use its internal insurance funds to pay guaranteed benefits, according to an agency news release.
The company filed for Chapter 11 bankruptcy protection in February 2009.