PBGC will pay retirement benefits for more than 1,500 current and future retirees of Metavation LLC, an auto parts supplier based in Southfield, Mich.
The agency is stepping in because the company's parent, Revstone Transportation LLC, is selling its ownership interest. The transaction will further compromise Metavation's underfunded pension plans, which will be unable to pay retirement benefits.
Formally known as Hillsdale Automotive LLC until 2008, Metavation sponsors two pension plans: the Hillsdale Salaried Pension Plan and the Hillsdale Hourly Pension Plan. Both plans will end as of March 1, 2013.
PBGC will pay all pension benefits earned by the company's retirees up to the legal limit of about $57,500 a year for a 65-year-old.
Until PBGC becomes trustee, the plan remains under Metavation's control. Plan participants will be notified by letter when the agency takes responsibility. At that time, retirees will continue to get benefits without interruption, and future retirees can apply for benefits when eligible.
Metavation makes powertrain and chassis components for the automotive industry. The company also provides other parts for engines, drivelines, and transmissions.
According to PBGC estimates based on information provided by Metavation, the plan is 50 percent funded with $47 million in assets to pay $93 million in benefits. The agency is expected to cover most of the $46 million shortfall.
Participants with questions about their pension benefits should contact the plan administrator. The agency won't be able to address concerns about benefits until it takes responsibility for the plan.
PBGC will pay retirement benefits for more than 1,300 current and future retirees of Findlay Industries.
Based in Findlay, Ohio, Findlay Industries was a privately owned company established in 1959 that once manufactured interior parts for the automotive and heavy truck industries.
The firm had manufacturing operations in Ohio, Virginia, Michigan, Florida, Canada and Mexico.
In late 2008, More...
In late December, NewPage Corp., one of the largest U.S. producers of coated-paper, left bankruptcy with both of its pension plans going.
NewPage's achievement follows other companies that successfully reorganize their finances without gutting the retirement security of current and former employees. The company's two plans support the retirement incomes of more than 13,000 people.
There's no better way to have a secure retirement future than a lifetime income that you can't outspend. That's why we applaud companies that find a way to maintain their plans, even through bankruptcy.
We always take an active role in bankruptcies to help plans stay open and pay benefits. In fiscal year 2012, those efforts kept more than $12 billion in unfunded pension liabilities off our books and helped nearly 200,000 people keep the benefits they earned.
NewPage of Miamisburg, Ohio, sought bankruptcy protection in September 2011, with $3.4 billion in assets and $4.2 billion in debt. The company has operations in Wisconsin, Minnesota, Michigan, Kentucky, Maryland and Maine.
PBGC will pay retirement benefits for more than 1,300 current and future retirees of RG Steel, the nation's fourth-largest flat-rolled steel producer with steelmaking facilities located in Sparrows Point, Md.; Warren, Ohio, and Wheeling, W.Va. Additional finishing facilities are in Yorkville and Martins Ferry, Ohio.
RG Steel and its seven affiliates are liquidating in bankruptcy. PBGC has trusteed the two pension plans RG sponsored - the RG Steel Warren, LLC Hourly Employees Pension Plan ("Warren Plan") and the RG Steel Wheeling, LLC Pension Plan ("Wheeling Plan").
In bankruptcy, RG Steel has sold practically all of its assets. Most of the buyers are liquidators, none of which assumed the pension plans. PBGC initiated termination because of RG Steel's liquidation in bankruptcy and the forthcoming abandonment of the pension plans. More...
Were you collecting or planning to collect a pension from Pemco World Air Services Inc.? If so, we've got news for you.
As of Wednesday, October 3, 2012, PBGC became the trustee of the Pemco World Air Services Inc. Pension Plan, which has some 1,252 participants, including 380 retirees.
Headquartered in Tampa, Florida, Pemco primarily provided aircraft maintenance, repair and overhaul services to commercial air carriers.
The company filed for bankruptcy on March 5, 2012 and the bankruptcy court approved the sale of their assets on August 9, 2012.
PBGC will pay all pension benefits earned by the company's retirees up to the legal limit of $56,000 a year for a 65-year-old.
Participants with questions about their pension benefits should contact PBGC Customer Service at 1-800-400-PBGC (7242).