The PBGC will take over the defined benefit pension plan of defunct concrete products manufacturer Schwab Industries Inc., Dover, Ohio, the agency announced Wednesday.
The company filed for Chapter 11 bankruptcy protection in February 2010, and a federal bankruptcy court in northern Ohio approved its liquidation in May 2010. The Pension Benefit Guaranty Corp. assumed trusteeship for the plan in April 2011.
The agency estimates the Schwab pension plan has $19.5 million to cover $38.4 million in benefit promises, leaving a shortfall of $18.9 million. The agency expects to pay about $18.5 million. “Substantially all benefits were covered,” said PBGC spokesman Gary Pastorius.