The Pension Benefit Guaranty Corp. announced it would pay all benefits owed to retirees of a Pennsylvania animal feed mill that sold its assets during bankruptcy proceedings.
The PBGC, the government agency that provides pension plan insurance, stepped in to ensure that 580 current and future retirees of Pennfield Corp. of Lancaster, Pa., would receive payments.
Pennfield's pension was $13 million short of the $28 million it needed to pay full benefits. The agency said it expected to cover the entire shortfall. According to the PBGC, benefits to current retirees will continue without interruption. It added that others would be able to apply for benefits when they become eligible.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
