US - The Pension Benefit Guaranty Corporation (PBGC) has assumed responsibility for bankrupt Pittsburgh Brewing Co's pension plan, and will have to front US$11m of the company's $12m shortfall.
The PBGC estimated the $24m plan, which covered 532 workers and retirees, was only 50% funded.
The courts ruled last week the company satisfied the legal test for terminating the plan, and the PBGC determined it met all criteria under federal law to transfer its pension liabilities to the pension insurance programme.
The Pittsburgh Brewing pension plan ended as of April 1 last year, having been frozen since 1995.
Under federal pension law, the maximum guaranteed pension at age 65 for participants in plans that terminate in 2005 is $45 614 per year, while the maximum guaranteed amount for those who retire earlier or elect survivor benefits is lower.
PBGC said the Pittsburgh Brewing plan termination, a single-employer plan, did not affect the IUE-CWA pension fund - an ongoing multi-employer pension plan whose several employer-sponsors include Pittsburgh Brewing Co.
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