The company that once made Stroh's beer wants the government to protect its workers pensions and to sustain the firm's viability.
By Dan Berman|November 12, 2013 at 11:34 AM
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The namesake company of Detroit brewer Stroh’s is asking the government to take over its pension plan, which has about 3,000 participants, most of whom are already retired.
Stroh Cos. Inc., which stopped brewing beer in 1999 and now manages real estate developments and investments, blamed low interest rates and new actuarial assumptions about future pension liabilities for its decision to petition the Pension Benefits Guaranty Corp., the government’s pension plan insurer, to assume all of the plan’s liabilities. Stroh said its pension fund has $140 million in it and $40 million in unfunded liabilities.
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