The Pension Benefit Guaranty Corporation (PBGC) will take over Schwab Industries’ defined benefit pension plan, Pensions & Investments reports. The Ohio-based defunct concrete products manufacturer filed for Chapter 11 bankruptcy protection in February last year.
PBGC estimates that the Schwab pension plan has around $19.5 million to cover $38.4 million in benefit promises. The independent agency took over trusteeship for the retirement system in April this year.
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