US - The Pension Benefit Guaranty Corp (PBGC), the US pension lifeboat insurer, has taken over responsibility for workers in the Propex pension plan.
The PBGC said it estimated the two Propex pension plans - the Cash Balance Retirement Plan and the Cash Value Retirement Plan - were about 67%, with combined assets of US$40.6m and liabilities of $61m.
The agency said it expected to cover about half ($19.4m) of the $20.4m funding shortfall and would soon communicate with members of the two Propex schemes to inform them of the changes to their retirement plans in the coming weeks.
The two Propex plans were frozen, in 2006 and 2005 respectively.
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