US - The Pension Benefit Guaranty Corporation (PBGC) has assumed responsibility for the pensions of 3,700 workers and retirees of the bicycle and sports equipment company Huffy Corporation, whose retirement plan ended as of 31 August.
The PBGC estimates it will be responsible for US$80m of the $80.7m shortfall. The plan is 47% funded, with $71.7m in assets to cover $152.4m in benefit promises. Huffy filed for bankruptcy prote...
To continue reading this article...
Join Professional Pensions
- Unlimited access to real-time news, analysis and opinion from the industry
- Receive our in-depth monthly magazine in either print or digital format
- Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
- Receive important and breaking news stories selected by the Editors in our daily newsletter
- Hear from industry experts and other forward-thinking leaders
- Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date