Retirees and preretirees at Durham, N.C.-based Reichhold Inc. have cause to be grateful for the Pension Benefit Guaranty Corporation.
That's because the company, which manufactures resins used for composites, plans to sell its assets in bankruptcy and abandon its pension plan. That means that PBGC is stepping into the breach. The Reichhold Inc. Retirement Plan ended as of Oct. 17, 2014.
However, retirees aren't being left in the lurch, thanks to PBGC, nor will future retirees, who can apply for benefits as soon as they are eligible. PBGC will pay all pension benefits earned by the plan's retirees, up to the legal limit of approximately $59,320 a year for a 65-year-old.
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