PBGC takes over pension plan of auto parts manufacturer Findlay
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The Pension Benefit Guaranty Corp. has taken over the underfunded pension plan of failed auto parts manufacturer Findlay Industries Inc.
The plan is 51% funded with $24.4 million in assets to pay $47.7 million in promised benefits. The PBGC says it expects to cover nearly all of the $23.3 million funding shortfall.
The plan has more than 1,300 participants. The Findlay, Ohio-based privately held company ceased operations in 2009.
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