US - The PBGC has taken on two Venture Holdings pension funds with a combined shortfall of US$12.4m - just one day after assuming $12m pensions shortfall from Foss Manufacturing.
The two plans - the "Lancaster Plan" and the "Seabrook Plan" - cover 1100 former workers. According to PBGC, the plans had total assets of a $12.5m and liabilities of $24.9m.
"Assumption of the plans will have no material effect on the PBGC's balance sheet, as an estimate of the unfunded liabilities was included in its fiscal 2006 financial statements according to generally accepted accounting principles," the agency said.
"The Lancaster Plan terminated on August 31, 2004 and the Seabrook Plan terminated on September 30, 2004. The PBGC became trustee of the plans on December 11, 2006."
The PBGC also assumed responsibility for Foss Manufacturing's pension plan this week, which had around $18m in assets to cover almost $30m in promised benefits.
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