Top
Stories

Latest News

PBGC Takes Over Metaldyne Pension Plan

Assumption of the plan’s unfunded liabilities will increase the PBGC’s covered claims by $153 million, a sum that was not included in its fiscal year 2008 financial statements, the agency reported.

  • August 3, 2009
  • Comments (0)

The Pension Benefit Guaranty Corp. is taking over the underfunded pension plan of Metaldyne Corp., a Plymouth, Michigan-based auto parts supplier.

The plan, which covers about 10,770 employees and retirees, is only about 53 percent funded, with $177 million in assets to cover benefit liabilities totaling $334 million, according to PBGC estimates.

Assumption of the plan’s unfunded liabilities will increase the PBGC’s covered claims by $153 million, a sum that was not included in its fiscal year 2008 financial statements, the agency reported.

The PBGC’s move comes after the company’s May 27 filing for bankruptcy protection. Metaldyne is a global manufacturer of metal components for automakers including Ford Motor, General Motors and Chrysler Group.

Filed by Joanne Wojcik of Business Insurance, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.

Workforce Management’s online news feed is now available via Twitter.

 

Leave A Comment

Guidelines: Comments that include profanity or personal attacks or other inappropriate comments or material will be removed from the site. We will take steps to block users who violate any of our posting standards, terms of use or privacy policies or any other policies governing this site. You are fully responsible for the content you post.

Daily Q&A

How Do We Build a World-Class Recruiting Department?

I need to establish a strategic plan on how we can become a world-class staffing/recruiting department. Unfortunately, all the historical data from previous recruiting managers got tossed. Do you have any simple tips on how to begin this ambitious plan?

—World-Class Ambition, staffing manager, software/services, Pennsylvania

Read Answer

Stay Connected

Join our community for unlimited access to the latest tips, news and information in the HR world.

  • Workforce Technology (Monthly)

    Covering the latest technology trends, tools and applications that are shaping the workforce in the 21st century. Delivered the 2nd Wednesday of each month.

  • Dear Workforce (Bi-weekly)

    See what HR professionals are asking, and what Workforce Management experts are saying. Delivered the 1st and 3rd Thursday of each month.

  • Workforce Benefits (Bi-weekly)

    Stay current on all aspects of employee benefits, from health care to retirement issues. Delivered on Wednesdays.

  • Workforce Week (Weekly)

    Free weekly update on the trends in HR and new tools added to Workforce.com. Delivered each Tuesday.

  • Workforce Talent (Bi-weekly)

    See the recruiting, talent development and retention strategies of top companies and get the resources for effective talent management. Delivered the 2nd & 4th Thursday of each month.

  • Workforce Training (Monthly)

    Stay current on the latest strategies and resources for training and developing your workforce talent. Delivered the 4th Wednesday of each month.

HR Jobs

View All Job Listings

Search