US - The Pension Benefit Guaranty Corporation (PBGC) has taken on the pensions of around 1,900 workers and retirees of Oneida Ltd. a US-based distributor of tableware and kitchenware products, following bankruptcy court approval.
The company's Retirement Plan for Employees, which was ended on May 31 this year, is only 31% funded, with US$21.6m in assets to cover $72m of due benefits. Of the $50.4m shortfall, the PBGC is likely to provide $48.3m.
Federal pension law states that the maximum pension guaranteed by the PBGC for participants aged 65 in plans that terminate in 2006 is $47,659 per year.
Oneida, which filed for bankruptcy protection on March 19, 2006, has two other pension plans, the Buffalo China Salaried Plan and the Buffalo China Union Plan, which it will continue to sponsor.
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