US - The Pension Benefit Guaranty Corporation (PBGC) has stepped in protect the pensions of more then 900 former employees of two underfunded pension plans.
In the first case, the PBGC assumed responsibility for a plan covering 464 former employees of Oklahoma Fixture Company, a bankrupt manufacturer of retail store fixtures and architectural woodwork.
It stepped in because the pension plan was abandoned following the sale of substantially all of the company's properties to Tulsa-based Penloyd LLC.
In a separate development, the PBGC has taken on responsibility for the underfunded pension plan covering 477 former employees of furniture manufacturer Keller Manufacturing Co. Inc.
It stepped in because Keller Manufacturing is unable to fund the pension plan.
In both cases, the PBGC said retirees and beneficiaries will continue to receive their monthly benefit checks without interruption, and other participants will receive their pensions when they reach retirement age.
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