The Pension Benefit Guaranty Corporation (PBGC) announced yesterday it will assume responsibility for the underfunded pension plan of the 5,800 employees and retirees of New United Motor Manufacturing (NUMMI), pending the plant’s liquidation by the end of the month.
Fearing the pension plan "will be abandoned as a result [of the closure] and unable to pay benefits when due." The NUMMI/UAW plan is currently 55 percent funded, with assets of $161 million to cover benefit liabilities … (read more)