The PBGC took over the Grede Foundries Inc. Employees' Retirement Plan, Novi, Mich., confirmed Marc Hopkins, an agency spokesman.
The plan is 45% funded with $60.9 million in assets and $135.3 million in liabilities. PBGC expects to cover $69.7 million of the $74.4 million shortfall, according to a news release from the Pension Benefit Guaranty Corp.
The plan was terminated on Nov. 30, and the PBGC assumed responsibility for the plan on June 14, the news release said.
Most of the company's assets were sold under Chapter 11 bankruptcy protection. Grede filed for Chapter 11 on June 30, 2009, Mr. Hopkins said.