The federally backed agency will pay all pension benefits earned by the plan’s retirees up to the legal limit of $60,136 annually for a 65-year-old, the PBGC said in a press release on its web site.
According to the agency, the plan is 47 percent funded with $289 million in assets available to pay about $611 million in benefit liabilities.
“Retirees will continue to get benefits without interruption, and future retirees can apply for benefits as soon as they are eligible,” the PBGC said in its statement.
Since the summer of 2009, the PBGC has also been also responsible for the retirement benefits of 70,000 retirees under six Delphi Corp. pension plans, which affects thousands of retirees, including an estimated 2,000 salaried retirees living in the Dayton area.
For about six years, the salaried retirees have sued the PBGC in federal court for their full retirement benefits, arguing that they lost their full benefits as a result of a series of political and business decisions made while both Delphi and General Motors were bankrupt. The agency contends that it is limited by law in how much it can pay retirees.
Taylor’s $307 million purchase of Standard Register’s assets closed on July 31. A Dayton-based marketing and printing company, Standard Register had about 750 local employees.
The newly combined company has has more than 12,000 employees working at more than 80 companies with operations in 32 states and nine countries.
About the Author
