Hovensa LLC, an oil refinery that operated in the U.S. Virgin Islands, is abandoning its pension plan after shuttering operations in 2012.
The Pension Benefit Guaranty Corp. will assume pension obligations to 1,600 current and future retirees, covering all benefits up to the legal limit of $60,136, according to a statement from the agency.
The plan is reportedly 75 percent funded, with $127 million in assets covering $169 million in liabilities. The PBGC said it expects to cover $38.2 million of the $41.8 million shortfall.
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